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Extends Thursday’s Gains in Asia-Pac Dealing

GOLD

Gold is 0.3% higher in the Asia-Pac session, after closing +0.2% at $1919.77 on Thursday. The drag from a modestly stronger US dollar was offset by lower tsy yields.

  • A mid-session reversal in US tsys left them 1-7bp richer across the major benchmarks on Thursday. The curve steepened. US tsys were briefly pressured as the latest round of US data continued to show a robust labour market.
  • Initial Jobless Claims came out lower than expected (216k, 234k est). Meanwhile, Unit Labor Costs printed higher than expected at +2.2% vs. +1.9% est.
  • Nonetheless, the US dollar is headed for its eighth consecutive weekly gain, with a stronger greenback generally negative for gold.
  • According to MNI’s technical team, gold is holding above support at $1903.9 (Aug 25 low), with resistance seen at $1931.4 (50-day EMA).
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