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Helped Higher By Lower Bond Yields, Focus On Wednesday’s FOMC Meeting

GOLD

Gold is slightly lower in the Asia-Pac session, after closing 0.7% higher at $2033.23 on Monday.

  • Bullion was boosted on Monday by lower US Treasury yields, as investors turned their focus towards the Federal Reserve policy decision on Wednesday that could provide fresh clues on when the US monetary easing cycle will start.
  • Fed speakers have been in a blackout ahead of this week’s FOMC meeting.
  • The market is currently assigning around a 40% chance to a 25bp rate cut in March. This compares to the near 70% chance seen a couple of weeks ago.
  • Lower interest rates are typically positive for non-interest-bearing gold.
  • Resistance is seen at $2039.4 (Jan 19 high), according to MNI’s technicals team.
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