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Extends Tuesday’s Weakness Ahead Of US CPI Data

GOLD

Gold is slightly weaker in the Asia-Pac session, after closing -0.4% at $1913.67 on Tuesday. Bullion was pressured by an appreciation in the USD, but the move was a surprisingly large drop considering the modest movement in US Treasury yields.

  • In a data and volume light New York session, ranges for US Treasuries were narrow with little follow-through on moves as participants awaited today's US CPI print. The US CPI for August will provide an update on the effectiveness of the Federal Reserve’s tightening campaign and whether further hikes are needed. Higher rates are generally negative for non-interest-bearing gold.
  • From a technical standpoint, the move off the high of $1907.71 on Tuesday made a sizeable step towards support at $1903.9 (Aug 25 low).
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