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Gold Plumbs New Daily Lows After Solid US Data

PRECIOUS METALS
  • Gold trades heavy following the flurry of better US data - with both consumer confidence and new home sales coming in well ahead of expectations.
  • Gold slips to new daily lows - and falls lower at typing - with $1910.3 support coming into view. The level marks the late June low and the lowest level since mid-March. Failure for markets to provide support here would be resolutely bearish.
  • Precious metals weighed up by firming post-data dollar as well as a return higher for US yields (10y at new daily highs of 3.7445%).
  • From the Conference Board: "Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000"
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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