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Highest Level Since May

GOLD

Gold moved higher (+0.4%) in Asia-Pac trading, reaching its highest level since May, following a relatively unchanged closing on Wednesday. Despite a stronger USD, lower US tsy yields helped keep gold within a narrow range on Wednesday, having broken above the resistance level at $1968.0 (June 16 high) on Tuesday.

  • Recently, gold has been supported by indications of a slowdown in price increases, leading traders to speculate about the Federal Reserve's potential pause in interest rate hikes, despite policymakers maintaining a hawkish stance.
  • On Wednesday, US yields decreased by 1 to 2bp at the short end and 4 to 6bp at the long end after the release of lower-than-expected UK CPI (0.1% MoM vs. 0.4% est). Consequently, UK gilts closed 10 to 20bp richer.
Energy BulletsCommodities
Energy BulletsCommodities

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