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Gold Within Range of Friday Highs, With Silver Firm Too

PRECIOUS METALS
  • Gold inching higher across early US hours, with spot testing the high printed just ahead of the Friday close at 1772.78. Clearance here opens August's $1783.2 as well as the more psychological level at $1800/oz.
  • Silver is also benefiting, and a break above the Friday high of 22.064 marking the highest level since early June.
  • Notable that the relative bid in gold and silver comes alongside a bottoming-out of the greenback so far Monday and amid flat equity markets, and is yet to filter through to commodity-tied FX including ZAR.
  • Focus turns to Fedspeak in the wake of Waller's leaning-hawkish language this weekend, with Brainard due at 1130ET/1630GMT and Williams after the market close.

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