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Modest Downtick In Asia

GOLD

Gold has ticked lower through Asia trade, with an uptick in the DXY applying some light pressure. Spot last deals a handful of dollars lower on the day, just below $1,810/oz.

  • A reminder that an uptick in wider real yields eventually resulted in a downtick for bullion on Tuesday, with hawkish central bank speak, most notably from Fed Chair Powell, in addition to firmer than expected U.S. retail sales data, weighing on bullion during NY dealing. This allowed the early bid that stemmed from a weaker USD to more than reverse.
  • The technical backdrop remains unchanged, it seems that gold remains vulnerable, with familiar technical parameters remaining in play.
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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