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GOLD: Hovering Just Below $2500

GOLD

Gold is slightly stronger in today’s Asia-Pac session, after closing 0.3% lower at $2492.91 on Tuesday. 

  • Bullion hovered just under the $2500 mark as the market succumbed to a broad-based sell-off in commodities on Tuesday stoked by growth concerns.
  • US Treasury yields declined alongside lower US equities, with the 2-year yield reaching a low of 3.84%, before finishing 5bps lower at 3.86%. The yield curve flattened modestly with the 10-year yield down 7bps to 3.83%.
  • Projected US rate cut pricing through year-end firmed 1-2bps vs. Friday close levels: Sep'24 cumulative -35bps (-33bps), Nov'24 cumulative -68bps (-66bps), Dec'24 -102bps (-100bps).
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, trend conditions in gold remain bullish, with focus on a climb towards $2,536.4 next, a Fibonacci projection. Initial support to watch lies at $2,484.0, the 20-day EMA, which was pierced earlier in the session. A pullback would be considered corrective.
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