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Flat In Asia After Two-Way Monday


Another tight Asia-Pac range for bullion after a relatively volatile round of Monday trade, with spot last dealing little changed around $1,825/oz.

  • To recap, the wider risk-on price action observed during Monday’s Asia-Pac session allowed gold to edge lower into European hours, with the latest round of hawkish ECB speak facilitating further extension, as spot gold breached psychological support at $1,800/oz. Note that key support in the form of the Jan 28 low ($1,780.4/oz) was not tested. Wider defensive flows and a modest pull lower in U.S. real yields facilitated a recovery from worst levels of the day, with gold managing to lodge modest gains on the session come the bell.
  • U.S. retail sales data and a deluge of Fedspeak, headlined by Chair Powell, provide the immediate points of focus on Tuesday.
MNI London Bureau | +44 0203-865-3809 |

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