Hovering Just Below Fresh All-Time High

Gold is 0.4% higher in today’s Asia-Pac session, after closing 0.4% lower at $2458.79 on Wednesday.

• This came after bullion hit a fresh all-time high of $2,483.73/oz early in yesterday’s session.
• Gold is up nearly 20% since January, with much of this year’s gains fueled by large purchases from central banks, strong consumer appetite in China and demand for haven assets amid geopolitical tensions.
• Fed speak from Richmond Fed Barkin and Fed Gov Waller leaned dovish. “While I don’t believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted,” Waller said.
• Lower rates are typically positive for gold, which doesn’t pay interest.
• According to MNI’s technicals team, the trend condition in gold remains bullish and the breach of key resistance at $2450.1, the May 20 high, this week opens the $2500.00 handle next.
• Analysts note that with positioning and sentiment not at extreme levels, this level could be tested soon enough.