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Consolidates Post Thursday's Surge

GOLD

Gold is giving back some of Thursday's impressive +1.48% gains. We last tracked around -0.35% lower, with the precious metal at $1925.00. Some resistance appears around $1935, which is around late April 2022 highs. USD indices are a touch higher today, which has likely weighed on gold at the margins, while US cash Tsy yields are around 2bps higher for most parts of the curve.

  • Gold is tracking higher for the week, albeit only just at +0.25%, which compares with 2.90% for the previous week and 2.28% in the first week of the year.
  • ETF holdings continue to flat line, but CFTC data shows a continued rise in long positions, which is more consistent with recent spot gold price performance.
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