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Steady After Powell Pressure

GOLD

Gold has held onto Tuesday’s losses, which came in the wake of Fed Chair Powell’s hawkish commentary. As a reminder, Powell pointed to considerations re: a faster tapering process and the retirement of the word transitory when it comes to describing inflation. This allowed bullion to unwind the early Omicron-inspired bid.

  • Our weighted U.S. real yield monitor pushed higher post-Powell, while the DXY saw an initial spike higher, before giving back most of those gains.
  • Spot last deals little changed, just shy of the $1,780/oz marker, after showing below the Nov 24 low post-Powell. Key support at the Nov 3 low ($1,759.0/oz) remains intact.
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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