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In The Recent Range

GOLD

Participants have showed a lack of conviction over the last 24 hours or so, allowing spot gold to operate within the confines of the recently observed range, last dealing ~+$5/oz at ~$1,785/oz. A reminder that the USD (broader DXY) has printed fresh multi-month highs over the last 24 hours, while our weighted U.S. real yield indicator has consolidated in the upper end of the range witnessed since mid-July. Next week's annual Jackson Hole Symposium, hosted by the Kansas City Fed, presents the next key macro event risk for bullion. Participants will eye any discussions surrounding the tapering topic, with Fed Chair Powell's address set to headline.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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