Gold holds near $4,400, up over 1%, even as the 10-year yield jumps about five basis points to ~4.845% after Treasury’s enlarged longer-term buyback. Fed hike odds stamped near 63% ahead of PPI/CPI.
Gold rose more than 1% on Wednesday and held near $4,400 even as Treasury yields jumped after an enlarged longer-term buyback announcement.
Gold rises over 1% on Wednesday and keeps the yellow metal underpinned near $4,400 at the time of writing. The buyback announcement pushed the 10-year benchmark note up five basis points to 4.845%.
Treasury intends to buy up to $6 billion of outstanding securities in the 10- to 20-year tranche — soft prior Treasury enlarged buyback (that tape stamped a giveback toward ~$4,391).
Money markets price a quarter-point rate hike at the September 15–16 meeting at 63% odds (hold near 37%), ahead of Thursday PPI and Friday CPI.
Gold bounced off the 100-day Simple Moving Average near $4,343; key resistance at $4,425, the high of September 8, caps the advance. Follows Asia’s bounce near $4,340. Soft silver ~$67.50.
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Silver rebounds near $67.50 (+2.64%) as the dollar slips near 98.61 while FedWatch prices ~62% odds of a 25bp hike at the Sept 15–16 meeting and the 10-year yield holds near 4.80%.
Gold reclaims $4,400 into the European session on a soft US Dollar, extending the Asia bounce from near $4,340. Upside may stay capped ahead of Thursday’s ECB and US PPI/CPI.
Gold rebounds from a one-week low near $4,340 as a soft US Dollar supports the metal. Hawkish central-bank bets and US PPI/CPI ahead may cap upside.