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Consolidates Monday's Gains

GOLD

Gold has been relatively steady in the first part of Tuesday trade. We were last near $2324.5, close to the middle part of the rough $2320-$2330 range observed so far in Tuesday trade. Current levels are little changed versus end NY levels from Monday trade (where gold prices rose nearly 1%).

  • Supports for gold have come from fresh Mid East tensions, around uncertainty on peace prospects.
  • USD sentiment has been more stable today, while US yields are down a touch, providing some offset.
  • Goldman Sachs has reiterated its $2700 forecast for end 2024, stating strong EM central bank demand will aid the bullion backdrop (see this BBG link).
  • Levels wise, we are above the 20-day EMA, last near $2315.55, while dips sub $2280 have been supported. Recent highs from late April rest around $2352.6.

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