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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessSent Lower By King Dollar; Demand For Physical Gold Remains Elevated
Gold deals ~$4/oz lower at typing to print ~$1,882/oz, operating around session lows at typing.
- To recap Wednesday’s price action, the precious metal closed ~$20/oz lower, coming under pressure from the USD (DXY) hitting five-year highs during the session, with a broad uptick in U.S. real yields observed as well.
- May FOMC dated OIS now price in ~50bp of tightening for that meeting, although hikes implied for the June meeting has spiked to >75bp at writing (cumulative ~129bp priced for both months), facilitated by a ~25bp move in early Asia-Pac dealing. A note that this move comes as the cumulative pricing for calendar ‘22 continues to move lower throughout the week (~230bp at typing).
- Elsewhere, the World Gold Council (WGC) released their quarterly trends report on Wednesday, highlighting that demand for physical gold had increased by 34% Q/Q for Q1, led by inflows into gold-related ETFs. This comes as known ETF holdings of gold have backed away slightly from one-year highs witnessed late last week, however remaining ~4% adrift of COVID-induced all-time highs seen in ‘20.
- From a technical perspective, gold remains vulnerable after breaking below the bear trigger at $1,890.2/oz (Mar 29 low), opening the way for a further descent to $1,878.4/oz (Feb 24 low).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.