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GOLD: Hovering Near All-Time Highs Ahead Of US CPI/PPI Data

GOLD

Gold is slightly higher in today’s Asia-Pac session, after closing 0.4% higher at $2506.38 on Monday.

  • US Treasury yields finished slightly mixed, with newsflow light to start the week. The NY Fed’s consumer surveys saw unchanged to higher inflation expectations.
  • The focus is on this week's CPI and PPI inflation measures to help gauge next week's FOMC policy announcement. Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, the trend condition in gold remains bullish, with sights on $2,536.4, a Fibonacci projection. Initial support is at $2,472.0, the Sep 4 low.

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