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Trying To Post Another Weekly Gain

GOLD

Gold is little changed from levels that prevailed this time yesterday. The precious metal is around $1664 currently, near the middle of the $1655/$1675 range for the past few sessions.

  • We are trying to post another weekly gain (currently +0.40%, last week was +0.80%).
  • Dips overnight to $1655 were supported, despite the rebound in broad USD performance. Still, gold lags the correction in the USD seen since the middle of the month, so may be less sensitive to such shifts in the near term.
  • The other overnight support came from lower US real yields, with the 10yr slipping back to 1.51%, from 1.60%. This is lows back near the start of the month.
  • We saw fresh downside momentum in nominal UST yields today, but sentiment has now stabilized. The 2yr back to 4.29%, +2bps for the session.
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