FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Lower Despite Lower US Treasury Yields

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.9% lower at $2304.21 on Thursday.

  • Thursday’s decline came despite lower US Treasury yields. Lower rates are typically positive for gold, which doesn’t pay interest.
  • US Treasuries recovered from their post-FOMC sell-off following yesterday's softer PPI and higher weekly claims. It rekindled 50bps in rate cut pricing by year-end.
  • PPI final demand printed lower than expected at -0.2% vs. 0.1% m/m (2.2% y/y vs. 2.5% est), Ex Food and Energy m/m 0.0% vs. 0.3% est, (y/y 2.3% vs. 2.5%). Meanwhile, weekly jobless claims were higher than expected at 242k vs. 225k est, continuing claims 1.82m vs. 1.795m.
  • According to MNI’s technicals team, the yellow metal traded below the 50-day EMA, at $2,313.6. The break confirmed a resumption of the reversal that started May 20 and opens $2,277.4, the May 3 low. Initial firm resistance to watch is $2387.8, the Jun 7 high.
Metals bulletHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.