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Slightly Lower In Asia-Pac After Closing Lower On Monday

GOLD

Gold is slightly lower in the Asia-Pac session, after closing 0.3% lower on Monday. Bullion was weaker after long end US tsys were heavy with yields higher again after short covering on Friday pushed them lower.

  • Anticipation of August supply has left US tsys heavy over recent days, especially in the wake of the debt warnings from the Fitch downgrade.
  • Overnight, the market's anticipations of the Federal Reserve concluding its tightening measures were challenged by hawkish statements from Fed Governor Bowman. Additionally, Fed Williams maintained the potential for additional rate hikes. Fedspeak from Philadelphia Fed President Harker and Richmond Fed President Barkin is due later today.
  • US CPI figures out later this week will be closely monitored.
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