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Fresh Record Highs

GOLD
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Bullion touched a fresh record high in the first part of Asia Pac trade. We got to $2440.59, but sit slightly lower now, last near $2438. We are still up 0.90% on Friday levels and this follows a +2.3% gain for gold last week.

  • Broader USD sentiment has been relatively steady so far today, with the BBDXY index little changed near 1245. Still, some risk aversion may be creeping into markets given the on-going Israel-Hamas conflict and the reports of the death of the Iranian President and Foreign Minister in a helicopter crash.
  • There are no reports of external involvement in the crash, with US Senator Chuck Schumer stating US intelligence agencies indicated there was no evidence of foul play. We broader tensions in the region still elevated though, the news may have lent some support to gold today.
  • Broader commodity sentiment is positive in the metals space today, with copper continuing to track higher.
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Bullion touched a fresh record high in the first part of Asia Pac trade. We got to $2440.59, but sit slightly lower now, last near $2438. We are still up 0.90% on Friday levels and this follows a +2.3% gain for gold last week.

  • Broader USD sentiment has been relatively steady so far today, with the BBDXY index little changed near 1245. Still, some risk aversion may be creeping into markets given the on-going Israel-Hamas conflict and the reports of the death of the Iranian President and Foreign Minister in a helicopter crash.
  • There are no reports of external involvement in the crash, with US Senator Chuck Schumer stating US intelligence agencies indicated there was no evidence of foul play. We broader tensions in the region still elevated though, the news may have lent some support to gold today.
  • Broader commodity sentiment is positive in the metals space today, with copper continuing to track higher.