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Pressured By Higher USD & US Tsy Yields

GOLD

Gold is slightly stronger in the Asia-Pac session, after closing -0.5% at $1934.45 on Wednesday, a three-week low. The precious metal was pressured by a further climb for the USD index and a twist steepening in US tsys.

  • US tsys were pressured by stronger than expected US ADP private payrolls (324k vs. 190k est) and the detail around the US Treasury’s bond supply plans (additional $7B total in 3Y, 10Y and 30Y issuance next week). The 10-year US tsy yield reached its highest level (4.12%) since November, before finishing 5bp higher at 4.08%.
  • According to the MNI technicals team, the push through Tuesday’s low of $1941.3 brings bullion closer to support at $1924.5 (Jul 11 low).
  • Focus turns to Non-Farm Payrolls on Friday (+200k job gains expected vs. +209k prior).
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