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Prices Down As USD And Yields Begin Recovery

GOLD

Gold prices are down 0.5% to $1903.25/oz as US yields firmed. They are holding above $1900 after reaching an intraday high of $1914.12 earlier, above Monday’s close of $1913.70. Bullion has been boosted by flight to quality flows, the drop in the USD and US Treasury yields following the collapse of Silicon Valley Bank. A less hawkish Fed has also been priced in by markets. The USD index is up around 0.1% today.

  • Gold rose through its 50-day simple moving average on Friday and has remained there. Resistance is at $1923.20 and on the downside support is $1871.60.
  • Later US CPI for February is released and is likely to be watched closely. It is expected to post similar monthly increases to January but see the annual rates moderate. The Fed’s Bowman speaks at a Community Bankers Event in Hawaii.
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