MNI China Daily Summary: Monday, October 28

RPT-MNI INTERVIEW2: Trump Stagflationary For EZ-ECB's Wunsch

MNI BRIEF: PBOC Launches Outright Reverse Repo For Liquidity

MNI: PBOC Net Injects CNY32.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1307 Mon; +2.71% Y/Y

CHINA PBOC CONDUCTS CNY241.6 BLN VIA 7-DAY REVERSE REPOS MON

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL OCT INDEX 70.5

MNI: BELGIUM OCT BNB BUSINESS SURVEY -12.8

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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

GOLD: Gives Back Friday’s Gain

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Gold is 0.5% lower in today’s Asia-Pac session, after closing 0.4% higher at $2747.56 on Friday. 

  • The yellow metal finished 0.9% higher on the week, albeit below Wednesday’s record high of $2,758. Nevertheless, it was the third weekly gain for gold as safe-haven demand remained high ahead of the US election and amid elevated geopolitical tensions.
  • However, today’s weakness may reflect the fact that Israeli strikes on Iran over the weekend appeared to be more restrained than many expected.
  • Market participants will be looking for US inflation and payrolls figures this week to guide on the pace of interest rate cuts by the Federal Reserve this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, trend conditions for gold remain bullish, reinforced by last week’s extension. Sights are still on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.
146 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 0.5% lower in today’s Asia-Pac session, after closing 0.4% higher at $2747.56 on Friday. 

  • The yellow metal finished 0.9% higher on the week, albeit below Wednesday’s record high of $2,758. Nevertheless, it was the third weekly gain for gold as safe-haven demand remained high ahead of the US election and amid elevated geopolitical tensions.
  • However, today’s weakness may reflect the fact that Israeli strikes on Iran over the weekend appeared to be more restrained than many expected.
  • Market participants will be looking for US inflation and payrolls figures this week to guide on the pace of interest rate cuts by the Federal Reserve this year. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, trend conditions for gold remain bullish, reinforced by last week’s extension. Sights are still on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.