MNI: PBOC Net Injects CNY215.7 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1991 Weds; +0.73% Y/Y

MNI BRIEF: Aussie Q3 Wages Print At 0.8% Q/Q, 3.5% Y/Y

CHINA PBOC CONDUCTS CNY233 BLN VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1991 WEDS VS 7.1927

MNI: US Consumers See Lower Inflation, Better Jobs - NY Fed

Australia Q3 Wage Price Index +0.8% Q/Q

MNI: JAPAN OCT CORP GOODS PRICE INDEX +3.4% Y/Y; SEPT REV +3.1%

EZ/UK Bond Supply Calendar: IT, UK, DE, PO Auction Wednesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

GOLD: Rebound After Another Heavy Session On Tuesday

GOLD
Metals bulletBulletMarketsFixed Income BulletsForeign Exchange BulletsCommodities

Spot gold fell by another 0.8% to $2,598.39/oz on Tuesday, as higher US yields and pressure on major equity indices prompted further gains for the US dollar.

  • However, bullion has recovered some of the lost ground in today’s Asia-Pac session, up 0.5%.
  • It was a heavy session for US Treasuries on Tuesday in the lead-up to today’s key October CPI inflation data. It will be followed by PPI on Thursday.
  • The US 10-year cheapened 12bps to 4.43% and the 2-year yield rose 9bps to 4.34%. Concerns over potentially inflationary aspects of Trump's fiscal policies likely exacerbated selling.
  • Minneapolis Fed President Kashkari suggested on Tuesday that it could take significant upside inflation surprises in the next two months to cause the Fed to deviate from cutting rates a third consecutive time at the next meeting.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, yesterday’s move brought the yellow metal below the $2,600 level earlier for the first time since September 20, down more than 5% since last week’s US election.
  • The latest pullback appears to be corrective, although recent weakness has resulted in a breach of the 50-day EMA, signalling scope for a deeper retracement towards $2,547.0, the Sep 18 low.
203 words

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.

Spot gold fell by another 0.8% to $2,598.39/oz on Tuesday, as higher US yields and pressure on major equity indices prompted further gains for the US dollar.

  • However, bullion has recovered some of the lost ground in today’s Asia-Pac session, up 0.5%.
  • It was a heavy session for US Treasuries on Tuesday in the lead-up to today’s key October CPI inflation data. It will be followed by PPI on Thursday.
  • The US 10-year cheapened 12bps to 4.43% and the 2-year yield rose 9bps to 4.34%. Concerns over potentially inflationary aspects of Trump's fiscal policies likely exacerbated selling.
  • Minneapolis Fed President Kashkari suggested on Tuesday that it could take significant upside inflation surprises in the next two months to cause the Fed to deviate from cutting rates a third consecutive time at the next meeting.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, yesterday’s move brought the yellow metal below the $2,600 level earlier for the first time since September 20, down more than 5% since last week’s US election.
  • The latest pullback appears to be corrective, although recent weakness has resulted in a breach of the 50-day EMA, signalling scope for a deeper retracement towards $2,547.0, the Sep 18 low.