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Range Bound In Asia Pac Session, But Outflows From Gold ETFs Persist

GOLD

Gold has had a very quiet session so far today, sticking to tight ranges. The precious metal was last around $1626, down slightly on NY closing levels (-0.10%). This is in line with a modest uptick in the USD BBDXY (+0.10%).

  • This follows a fairly volatile overnight session, where we spiked above $1645 only to close slightly lower for the session as a whole. Higher US yields and a rebounding USD weighed, particularly through the NY session.
  • Some support is still evident ahead of the $1625.00 level, & we haven't breached yesterday's lows near $1622.50.
  • Gold is keeping its inverse correlation with US real yields, although the rate of increase slowed overnight (the 10yr real yield only up 1bp to 1.73%).
  • Outflows from gold ETF funds continue and are on track to be slightly larger this week, compared to last (-20.65 tons so far, versus -16.6 tons last week).
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