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Higher Yields Weigh On Bullion, Approaching Support

GOLD

Gold is down 0.4% during APAC trading after falling only 0.1% on Wednesday. It is currently around $1934.02/oz, close to the intraday low. Earlier it reached a high of $1945.38 but began trending down as the USD strengthened and Treasury yields rose. The USD index is 0.3% higher.

  • Bullion fell to $1940.19 following the Fed decision to keep rates unchanged but the hawkish projections and comments from Fed Chairman Powell that upcoming meetings remain live drove yields higher and gold down. It closed at $1942.52.
  • Prices are down 1% since Friday but are holding just above support at $1932.20, the May 31 low.
  • Later US May retail sales, trade prices, IP/capacity, business inventories, Empire & Philly indices and jobless claims print. The ECB meets and is expected to hike 25bp.
Energy BulletsCommodities
Energy BulletsCommodities

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