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Lower Despite A Weaker USD, Higher US Yields Weigh As Haven Demand Tapers

GOLD

Gold is 0.2% lower in the Asia-Pac session, after closing 0.7% lower at $1920.20 on Monday. A softer USD provided little support for bullion after its strong push higher over recent days. Indeed, according to MNI’s technicals team, gold’s strong circa $60 increase on Friday has left it elevated compared to support at $1898.3 (50-day EMA).

  • Higher US Treasury yields likely weighed on the yellow metal. US Treasury yields finished 5-11bps cheaper across the major benchmarks, with the curve steeper. Monday’s move reversed the bull flattening seen on Friday. Although geopolitical tensions remain high the reversal is attributed to no further escalation in the Israel/Hamas conflict as of yet.
  • Moreover, President Joe Biden is set to travel to Israel on Wednesday. The visit is designed to signal US solidarity with its closest Middle East ally and prevent the conflict from widening.
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