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​On Track For 7th Straight Monthly Loss ​​​

GOLD

Gold is not too far away from Friday's session lows. The precious metal has been unable to gain much traction above $1645 through the first part of trading today, last around $1644, down slightly on closing levels from last week.

  • This follows a 1.11% dip on Friday's session, which was enough to unwind gains for the week. Gold is also on track to fall again this month. This would be the 7th straight monthly fall, which commenced in April.
  • A firmer USD, coupled with a bounce in nominal UST yields (real yields were unchanged) were headwinds through Friday and this remains the case today.
  • There is some support sub $1640, beyond that is the October 21 lows just under $6120. On the topside, last week's gains above $1670 proved unsustainable.
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