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Softer DXY Supports, Powell On Deck

GOLD

A softer DXY has supported bullion over the last 24 hours or so, with the bounce gaining traction after technical support held on Friday. Spot last deals a handful of dollars higher on the day at $1,812/oz.

  • Some focus on physical buying out of India has been evident.
  • Still, ETF holdings of gold have been on a steady downtrend during the month of February, and now sit at the lowest level seen since July '20, although the measure remains elevated in historical terms.
  • The impending round of rhetoric from Fed Chair Powell is set to shape gold's fortunes over the coming couple of sessions.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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