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GOLD: Steady After A Two-Day Gain

GOLD

Gold is slightly higher in today’s Asia-Pac session, after closing 0.4% higher at $2516.73 on Tuesday.

  • There was no US economic data yesterday, with the markets awaiting tomorrow’s CPI and Thursday’s PPI inflation measures. Core non-housing service inflation is expected to see at least a repeat of the 0.21% M/M from July, with six analysts between 0.20-0.35% M/M.
  • Nevertheless, US 2- and 10-year yields finished 6-7bps lower, with the curve steeper.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, sights remain on $2,536.4, a Fibonacci projection.
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