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Yield Spike Weighs

GOLD

Downside levels are once again in focus for gold. The precious metal lost 1.38% through yesterday's session and is down a further 0.20% so far today. Spot levels currently hold close to $1626.

  • Today's trends have been a continuation of the overnight price action, although we have made fresh lows close to $1622.50, before support emerged. Moves back towards the $1630 have generally drawn selling interest since late NY trading.
  • September 28 lows around $1615 are in focus, only 0.65% away in percentage terms.
  • The resurgent US yield backdrop, particularly in terms of real yields (10yr closed a fresh cyclical high at 1.72%), is a clear headwind for gold. This is feeding into USD strength, which is mostly outweighing safe haven/risk aversion benefits gold otherwise might be receiving.
  • The gold/copper ratio has broadly been stable in recent months, likewise for gold to oil.
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