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Firms As USD Index Weakens Post Stronger CNY Fixing

GOLD

Gold has moved higher in the first part of Monday trade. The precious metal was last near $2170.50 up close 0.25% for the session so far. Gold has largely followed broader USD gyrations in the first part of Monday trade.

  • We rose earlier amid broad USD gains after the stronger than expected CNY fixing printed. Highs came in at $2178.36, while earlier lows (pre CNY fixing) were at $2164.08. These moves keep us within recent ranges for the metal. As USD sentiment stabilized somewhat, gold move off its session highs.
  • Friday lows in the metal were $2157, while upside focus will remain on break back above the $2200 level.
  • Goldman Sachs presented a generally positive commodity price outlook for 2024, with central bank cuts to aid sentiment, although the bank noted that gains won't be uniform. It expects gold to reach $2300 by year end (see this BBG link for more details).
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