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Slight Recovery From Monday’s Softness

GOLD

Gold is 0.3% higher in the Asia-Pac session, after closing 0.8% lower at $2028.07 on Monday.

  • The weakness in bullion aligned with commodities in general that started the trading week softer, including Brent, which tumbled 4%, and iron ore.
  • At the heart of the weakness in gold this year has been the continued pushback against bets of early rate cuts by the Federal Reserve.
  • Overnight, Fedspeak from Bostic and Bowman highlighted the potential for cutting interest rates this year, but there was pushback against the early timing and the magnitude of easing.
  • Nevertheless, US Treasuries finished 1-3bps richer after starting the day with moderate losses in spillover from Europe. A decline in the NY Fed's inflation expectation index saw the Treasury market recover.
  • The market remains focused on US CPI/PPI inflation measures on Thursday/Friday respectively.
  • According to MNI’s technicals team, Monday’s low of $2020 was still well above support at $2011.3, the 50-day EMA.
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