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GOLD: Hovering Just Below All-Time Highs

GOLD
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Gold is steady in today’s Asia-Pac session, after closing 0.3% lower at $2648.54 on Monday.

  • Monday's gains, building on strong advances from Thursday and Friday, have brought bullion close to its all-time closing high of $2,672.38.
  • With US data light and the US bond market closed for the Columbus Day holiday yesterday, Fed speakers took centre stage. Minneapolis's Kashkari added little new to previous comments, Fed Gov Waller triggered an initial hawkish reaction with his call for "more caution" on the pace of rate cuts in contrast to his relative dovishness last month.
  • There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic on tap. It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • “Gold purchases from central banks have been a key driver in bullion’s record-smashing rally this year. But officials rarely signal ahead of time when buying is top of mind. In a break to that form, reserve managers from the central banks of Mexico, Mongolia and the Czech Republic on Monday sang the praises of bigger holdings.” (Per BBG)
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Gold is steady in today’s Asia-Pac session, after closing 0.3% lower at $2648.54 on Monday.

  • Monday's gains, building on strong advances from Thursday and Friday, have brought bullion close to its all-time closing high of $2,672.38.
  • With US data light and the US bond market closed for the Columbus Day holiday yesterday, Fed speakers took centre stage. Minneapolis's Kashkari added little new to previous comments, Fed Gov Waller triggered an initial hawkish reaction with his call for "more caution" on the pace of rate cuts in contrast to his relative dovishness last month.
  • There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic on tap. It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • “Gold purchases from central banks have been a key driver in bullion’s record-smashing rally this year. But officials rarely signal ahead of time when buying is top of mind. In a break to that form, reserve managers from the central banks of Mexico, Mongolia and the Czech Republic on Monday sang the praises of bigger holdings.” (Per BBG)