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Hits Highest Level In Three Weeks

GOLD

Gold is 0.4% higher in the Asia-Pac session, after touching the highest level in almost three weeks on Tuesday, supported by falling US tsy yields and a weaker dollar ahead of US CPI data today.

  • During a generally quiet New York session, the 10-year tsy yield continued its recent downward trend, while the value of the US dollar dropped to its lowest point since mid-June. These developments typically favour non-interest-bearing metals, such as gold.
  • Consensus puts core CPI inflation at 0.3% m/m in June as it slowed from a modest beat of 0.44% in May. There is no evidence that the downside miss in nonfarm payroll gains last Friday has deterred FOMC participants from signalling their preference to raise rates twice more this year. An above-expected print and/or a report with strong details in ex-shelter services would reinforce the "higher for longer" theme; a miss most impactful for September pricing. See the MNI CPI preview here.
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