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Slightly Firmer Today After Achieving First Annual Gain In Three

GOLD

Gold has seen a 0.3% uptick in the Asia-Pacific session, rebounding from a 0.1% dip on Friday.

  • Despite weakness in US Treasury futures during today's Asia-Pacific session, gold is slightly firmer on its inaugural trading day of 2024. Notably, with Japan observing a public holiday, there have been no cash US Treasury transactions in today’s session.
  • In a noteworthy shift, bullion secured its first annual gain in three years, concluding 2023 with a 13% increase. This surge can be attributed to growing investor confidence in the likelihood of the Federal Reserve initiating rate cuts in the coming months. Bullion typically has an inverted relationship with interest rates.
  • Current market pricing places the probability of a March rate cut at over 80%.
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