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Steady At Lowest Level Since June

GOLD

Gold is slightly higher in the Asia-Pac session, after closing steady near the lowest level since late June on Tuesday. Much stronger than expected US retail sales was the main headline on Tuesday.

  • Bullion continues to be pressured by the rebound in the USD index, which sits at its highest level since early July, and higher US tsy yields. Higher bond yields are typically negative for the precious metal, which doesn’t earn interest income.
  • On Tuesday, the 10-year US tsy yield spiked as high as 4.27%, a fresh high for the year, before finishing at 4.21%, +2bp on the day. The 2-year rate finished at 4.95%, -1bp on the day, after spiking to 5.02%.
  • Later today the US calendar sees the latest FOMC meeting minutes.
  • MNI’s technicals team reports that the yellow metal rebounded from a nadir of $1896.54, confidently surpassing the support level at $1902.7 (July 6 low), thereby opening up the bear trigger at $1893.1 (Jun 29 low).
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