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The combination of Fed Chair Powell's..........>

GOLD
GOLD: The combination of Fed Chair Powell's testimony & the minutes from the
Fed's most recent MonPol decision have left a 25bp July cut from the Fed firmly
on the table, while OIS pricing re: a 50bp cut has been rekindled, moving out to
~25% at writing (although such a deep move is viewed as unlikely at present),
from 0% on Wednesday morning. This has pushed the yellow metal higher, as it
regains some impetus after losing momentum post-NFP.
- Spot last deals at ~$1,423/oz, $4 or so higher on the day, threatening to
break above the nearby July 5 high. Such a move would open the cycle high just
below $1,440/oz.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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