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Gold Holds Just Below Cycle Highs, Supported By Weaker USD In Asia

GOLD

The softer USD narrative in Asia-Pac hours supported bullion, pushing spot back towards Thursday’s cycle highs, last dealing +$5/oz at ~$2,045/oz. A breach of yesterday’s cycle high ($2,048.7/oz) would expose the March ’22 highs, which protect the all-time high from ’20. The Fed pivot narrative continues to dominate when it comes to support for bullion, with the softer USD fuelling the bid in gold, although our weighted U.S. real yield monitor has ticked away from its multi-month trough in recent days. When it comes to flows, known ETF holdings of gold now sit at the highest level observed since late January, after bouncing from cycle lows registered around the time of the well-documented U.S. banking tumult observed in March.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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