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Steady Despite A Firmer USD & Higher US Treasury Yields

GOLD

Gold is 0.3% higher in the Asia-Pac session, after closing +0.1% on Thursday. Bullion held up well considering a solidly higher DXY index and higher Treasury yields. Nonetheless, gold is headed for a second straight weekly decline.

  • US Treasury yields were pressured on Thursday by stronger than expected PPI and retail sales data. That followed the release of the hotter-than-forecast CPI data on Wednesday.
  • One possible explanation for the relatively steady performance on Thursday could be the dovish hike from the ECB. The ECB raised interest rates to a record high of 4% but sent a clear message it was probably done with raising rates as economic growth slows. The statement said “…the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.” Lagarde did however add the caveat that she “can’t say that now we are at peak”.
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