Prices Climbing Back Despite Stronger Equities

Gold gave up some of its gains on Friday after US Treasury yields rose following robust payroll data. It fell 1.6% to $2016.97/oz after reaching a low of just under $2000. It was still up 1.4% on the week though. Despite stronger risk appetite during the APEC session, bullion is up 0.4% today to $2024.45, close to the intraday high, as the USD index is weaker.

• Gold fell briefly below resistance of $2000.40, the 20-day EMA, to a low of $1999.61 on Friday.
• The World Gold Council said that central bank gold purchases slowed in Q1 but they remained strong from China which added to gold reserves for the 6^th consecutive month in April.
• US CFTC reported that net gold longs increased 5.6% as the yellow metal has found favour in an increasingly uncertain global economic environment.
• Later today the Fed releases the Q1 loan officer survey and the May 2023 financial stability report. Also, the Fed’s Kashkari is moderating a panel discussion on minimum wages. The key piece of US data this week is Wednesday’s April CPI.