MNI BRIEF: Powell Says US Is 'Far' From Fiscal Dominance

MNI BRIEF: US Firms Wary of Tariff-Related Inflation - Fed

MNI: US NOV FINAL SRVCS PMI 56.1 (FLASH 57.0); OCT 55.0

MNI NBP WATCH: Rates Held, Outlook Unchanged

MNI BRIEF: Barkin Aims For 'Somewhat Restrictive' Fed Rates

MNI China Daily Summary: Wednesday, Dec 4

EZ/UK Bond Supply Calendar: Spain, France Auction, UK Tender

US EIA: CRUDE OIL STOCKS EX SPR -5.07M TO 423.4M NOV 29 WK

MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.1

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GOLD: Buoyed By Weaker Dollar & Continued Have Demand

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Gold is 0.3% lower in today’s Asia-Pac session, after closing 0.8% higher at $2736.17 yesterday. 

  • Bullion gained support from a weakening U.S. dollar yesterday and sustained safe-haven demand, pushing gold to record highs this week.
  • One driver of this haven buying is the looming U.S. election, now less than two weeks away. Republican candidate Donald Trump's pledges to impose massive tariffs that could disrupt global trade have fueled market uncertainty, bolstering demand for gold.
  • Despite expectations that the Federal Reserve will adopt a more gradual approach to cutting interest rates in the coming months, gold has continued to rise. Typically, lower interest rates are beneficial for gold, as it is a non-yielding asset, making it more attractive in a low-rate environment.
  • According to MNI’s technicals team, gold bulls are still in the driver’s seat, with sights remaining on $2767.1, a Fibonacci projection point, ahead of the $2800.0 handle.
145 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Gold is 0.3% lower in today’s Asia-Pac session, after closing 0.8% higher at $2736.17 yesterday. 

  • Bullion gained support from a weakening U.S. dollar yesterday and sustained safe-haven demand, pushing gold to record highs this week.
  • One driver of this haven buying is the looming U.S. election, now less than two weeks away. Republican candidate Donald Trump's pledges to impose massive tariffs that could disrupt global trade have fueled market uncertainty, bolstering demand for gold.
  • Despite expectations that the Federal Reserve will adopt a more gradual approach to cutting interest rates in the coming months, gold has continued to rise. Typically, lower interest rates are beneficial for gold, as it is a non-yielding asset, making it more attractive in a low-rate environment.
  • According to MNI’s technicals team, gold bulls are still in the driver’s seat, with sights remaining on $2767.1, a Fibonacci projection point, ahead of the $2800.0 handle.