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Subdued Session With US On Holiday

GOLD

Gold is 0.3% higher in the Asia-Pac session, after closing little changed at $2328.16 on Wednesday. Yesterday’s session was relatively quiet with the US market closed for the Juneteenth holiday.

  • European bond markets traded modestly higher in yield, with 10-year bund 1bp higher.
  • The 10-year gilt yield increased 2bps to 4.06% despite UK headline and core inflation printing in line with consensus expectations at +2.0% y/y and +3.5% y/y respectively. The BoE will also make their policy announcement later today, with an on-hold decision likely.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • From a technical perspective, gold has pierced the 50-day EMA, at $2,315.9, signalling scope for a deeper correction to $2,277.4, the May 3 low. Initial firm resistance remains at $2,387.8, the Jun 7 high.
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