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Pared Gains After ISM Mfg Data

GOLD

Gold is little changed in the Asia-Pac session, after closing 1% higher at $2251.44 on Monday. Earlier in the day, it had achieved a fresh all-time high of $2265.73.

  • Bullion pared gains following stronger-than-expected ISM manufacturing data. ISM Manufacturing printed 50.3 vs. 48.3 est., climbing above 50.0 for the first time since September 2022. Additionally, Prices Paid, New Orders and Employment sub-indices were higher than estimated.
  • The US Treasury curve bear-steepened, with the 2-year yield finishing 9bps higher and the 10-year yield up 11bps. The 10-year yield sits just shy of its YTD high of 4.35%.
  • FOMC dated OIS is pricing in a 56% chance of a US rate cut in June.
  • Attention now turns to US Non-Farm Payrolls on Friday.
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Gold is little changed in the Asia-Pac session, after closing 1% higher at $2251.44 on Monday. Earlier in the day, it had achieved a fresh all-time high of $2265.73.

  • Bullion pared gains following stronger-than-expected ISM manufacturing data. ISM Manufacturing printed 50.3 vs. 48.3 est., climbing above 50.0 for the first time since September 2022. Additionally, Prices Paid, New Orders and Employment sub-indices were higher than estimated.
  • The US Treasury curve bear-steepened, with the 2-year yield finishing 9bps higher and the 10-year yield up 11bps. The 10-year yield sits just shy of its YTD high of 4.35%.
  • FOMC dated OIS is pricing in a 56% chance of a US rate cut in June.
  • Attention now turns to US Non-Farm Payrolls on Friday.