MACKLEM SAYS CAD HASN'T MOVED THAT MUCH AS BOC RATE DECLINED

MNI BRIEF: Germany Must Set Fiscal Example -Bundesbank's Nagel

MNI BRIEF: Villeroy Wants ECB Med-Term Inflation Approach Kept

MNI BRIEF: 3Q US GDP Slows To 2.8%; Core PCE Inflation 2.2%

MNI China Daily Summary: Wednesday, October 30

MNI OCT CHINA MONEY MARKET INDEX 38.4

EZ/UK Bond Supply Calendar: 1.50% Jul-53 Green Gilt Thursday

US EIA: CRUDE OIL STOCKS EX SPR -0.52M TO 425.5M OCT 25 WK

MNI: US NAR SEP PENDING HOME SALES INDEX 75.8 V 70.6 IN AUG

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: Hovering Below All-Time High Ahead Of Key US Data

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Gold is 0.5% higher and just shy of its all-time high of $2758.49 in today’s Asia-Pac session, after closing 0.2% lower at $2742.46 on Monday.

  • After a slow start to the week's US data and newsflow, things are set to heat up with ADP Jobs and PCE Deflator data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket. Next Tuesday's presidential election will also likely keep some trading accounts on the sidelines.
  • Market participants will be looking for US inflation and payroll data 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, gold bulls remain in the driver’s seat, with sights on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.
142 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% higher and just shy of its all-time high of $2758.49 in today’s Asia-Pac session, after closing 0.2% lower at $2742.46 on Monday.

  • After a slow start to the week's US data and newsflow, things are set to heat up with ADP Jobs and PCE Deflator data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket. Next Tuesday's presidential election will also likely keep some trading accounts on the sidelines.
  • Market participants will be looking for US inflation and payroll data 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, gold bulls remain in the driver’s seat, with sights on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.