MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gold Price Advance As USD Softens

GOLD

Gold prices are higher during APAC trading today after falling overnight. They are 0.4% higher than the NY close and are now around $1744.50/oz. After reaching a low of $1737.53 early in the session, prices rose to a high of $1745.08. Bullion has been helped by a slightly weaker USD with DXY down 0.25%.

  • The short-term trend for gold remains bullish and any pullback in prices is considered corrective. $1786.50 is the bull trigger with $1800 the level to watch and key resistance at $1807.90, the August 10 high. Initial support is at $1702.30, the November 9 low.
  • Central bank purchases of gold are at record highs and the IMF reported that Kazakhstan, the UAE, India and Cambodia all increased their gold reserves in October. (bbg)
  • There is little economic data tonight but there is some Fed speak and any further hawkish comments or suggestions of a 75bp move at the December meeting would weigh on gold prices.
Energy BulletsCommodities
Energy BulletsCommodities

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.