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Struggling To Break Higher

GOLD

The yellow metal is flat on the session, last trading at $1734.67/oz, retreating from session highs at $1739.27. There has been little in the way of macro catalysts during the Asia session, markets have shrugged off reports that North Korea conducted a missile test for the first time in a year. As such markets continue to digest comments from Fed speakers and consider US auctions. Demand at the 5-year auction yesterday was solid, markets await results of the 7-year auction today; a poor 7-year auction last month catalysed an initial sell off in US treasuries.

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