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Steady After A Weekly Decline, Fedspeak Weighs

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.3% higher at $2029.49 on Friday.

  • Today’s price action follows a weekly decline as markets continued to scale back easing expectations for the Federal Reserve.
  • San Francisco Fed’s Daly (’24 voter) used a Fox interview on Friday to push back on near-term cut expectations. "There's a lot of work left to do. We're not there yet, and it's far too early to declare victory” … "It's really premature to think (rate cuts) are around the corner."
  • The market is currently assigning around a 50% chance to a 25bp rate cut in March. This compares to the near 70% chance seen a week ago.
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