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Higher In Asia-Pac Trade Despite Higher Global Bonds Yields

GOLD

Gold has registered a modest 0.2% uptick during the Asia-Pac session despite higher bond yields in early Monday trading, led by JGBs.

  • In recent dealings the JGB 10-year yield is at a post-YCC adjustment high of 0.702%, 4.7bps higher on the day. The catalyst for the JGB move has been remarks from BoJ Governor Ueda over the weekend that it’s possible the central bank will have enough information and data by the year-end to judge if wages will continue to rise, a condition for adjusting stimulus.
  • Today’s small gain follows an unchanged closing price of $1919.08 ahead of the weekend, which came after reaching a peak of $1929.71.
  • It's worth noting that Friday's high approached resistance at the 50-day EMA at 1931.4, beyond which a significant resistance point looms notably higher at $1953.0, as per the insights from MNI's technicals team.
  • These observations underscore the considerable drop in gold's value observed last week, driven by DXY's concurrent increase of approximately +0.8%.
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