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GOLD: Fresh All-Time High Ahead Of The Fed’s Policy Decision

GOLD
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Gold is 0.2% lower in today’s Asia-Pac session, after closing 0.2% higher at $2582.45 yesterday. Earlier in the session bullion hit a fresh all-time high of $2,586.10/oz, aided by further dollar weakness and the dovish rate outlook for the US Federal Reserve.

  • US tsys finished richer yesterday as the market speculated that the US Fed could cut by more than 25bps on Wednesday. Lower rates are typically positive for gold, which doesn’t pay interest.
  • BofA strategists led by Michael Hartnett wrote on Friday that “gold at all-time highs is the best hedge against 2025 inflation reacceleration.” (per BBG)
  • According to MNI’s technicals team, a bullish structure in gold remains intact, with the focus on $2,600.0.
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Gold is 0.2% lower in today’s Asia-Pac session, after closing 0.2% higher at $2582.45 yesterday. Earlier in the session bullion hit a fresh all-time high of $2,586.10/oz, aided by further dollar weakness and the dovish rate outlook for the US Federal Reserve.

  • US tsys finished richer yesterday as the market speculated that the US Fed could cut by more than 25bps on Wednesday. Lower rates are typically positive for gold, which doesn’t pay interest.
  • BofA strategists led by Michael Hartnett wrote on Friday that “gold at all-time highs is the best hedge against 2025 inflation reacceleration.” (per BBG)
  • According to MNI’s technicals team, a bullish structure in gold remains intact, with the focus on $2,600.0.