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Steady After the Biggest Decline In Six Weeks On Tuesday

GOLD

Gold is little changed in the Asia-Pac session, after closing 1.4% lower at $2028.44 on Tuesday. The decline was the most in six weeks.

  • Bullion wilted as the USD strengthened and US Treasury yields bear-steepened after the Fed’s Waller pushed back on the speed of rate cuts priced.
  • Projected rate cuts cooled, with March at a cumulative -17.3bps at 5.155%, May 2024 at a cumulative -41.9bp at 4.910% and June 2024 at a cumulative -70.9bp at 4.620%.
  • Tuesday’s move took the precious metal closer to support at $2016.8 (50-day EMA) closely followed by $2013.4 (Jan 11 low), according to MNI’s technicals team.

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