But at the time, we also saw gold back away from fresh record highs near $3,500 to $3,470 levels. I warned that the dip in gold might not last considering that what is happening with the bond market is actually favourable towards gold. And in US trading, we saw just that as gold rebounded strongly to reclaim fresh record highs above $3,500 where it sits now.
I'd be keeping a very, very close eye on 30-year Treasury yields as it inches towards the 5% mark now. That's going to be a defining level for what is happening globally, even if we do see UK and French long-end yields hit multi-year highs. And we might not have to wait long to test the waters here with the non-farm payrolls coming up on Friday.
However, I reckon we might need confirmation from US data this week before the upside leg can be sustained. As US yields continue to rise, something's gotta give eventually.
It is either we eventually get more coherent policy from the US administration or some additional confirmation that the economy is easing enough to pressure the Fed into cutting rates faster. Otherwise, this is a collision course that is bound to strike at the heart of how markets have been positioning themselves all through this year.
This article was written by Justin Low at investinglive.com.Hence then, the article about precious metals remain the standout movers so far this week was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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