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Modest Drift Lower Ahead Of Key Event Risks

GOLD

Gold is currently around the $1673 level, drifting modestly lower through the course of the session, off 0.15% versus NY closing levels. This fits with a slightly firmer tone to the USD through the course of the session.

  • The precious metal has stuck to recent ranges since the start of the week. Overnight gains above $1680 couldn't be sustained, but we haven't tested sub $1670 yet.
  • We might have seen a break higher if not for the resilient US yield backdrop. Current levels of gold continue to look too high relative to the real 10yr yield.
  • ETF gold holdings continue to drift lower.
  • The focus will also be upcoming risk event, with the US Mid-Term elections happening tonight, then US CPI prints later in the week.
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