Record-Breaking Run Continues

Gold is 0.2% higher after making a fresh all-time high of $2288.40 in today’s Asia-Pac session.

• Yesterday’s 1.3% gain came as Fed speakers supported short-end rates. Fed Mester ('24 voter but retiring in June) won't rule out a rate cut in June, while Fed Daly said three rate cuts in 2024 is still a "reasonable baseline".
• The rise in geopolitical tensions in the Middle East was also supportive.
• Further out the curve, the push higher in US Treasury yields continued on high volume as Europe returned from an extended Easter holiday weekend. Stronger US employment data (JOLTS Openings) and higher oil prices weighed.
• According to MNI’s technicals team, the trend condition in gold remains bullish. Key trend support has been defined at $2146.2, the Mar 18 low.
• (AFR) Investors can expect gold to keep resetting its record high as a wave of political elections this year and the prospect of central banks cutting interest rates fuel demand for the safe haven asset. (See link)