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Stronger As Fears Of Further Fed Hikes Fade

GOLD

Gold is +0.3% in the Asia-Pac session, after closing stronger (+0.4%) on Wednesday as traders priced in lower odds of further US monetary tightening in September after the Federal Reserve raised rates to a 5.25-5.50% range, the highest level in 22 years.

  • Front-end US tsys finished 6bp richer than just before the FOMC statement to be 2bp lower in yield on the day. The presser leaned slightly dovish with reiteration of signs of progress for instance in labour market balance and noted the potential impact of tighter credit conditions. Higher rates are typically negative for bullion, which doesn’t yield any interest.
  • The USD dropped alongside lower 2-year US tsy yield.
  • According to MNI’s technicals team, resistance remains at the bull trigger of $1987.5 (Jul 20 high).
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