Gold Firms as Driven by Lower Yields and Divided Fed

Gold climbs higher to 1253.4 in European session after soaring +0.90% yesterday. Among the various reasons triggering the metal’s rally after several days of consolidation last week, we believe slump in bond yields and FOMC minutes were the most prominent ones. While we are bullish for gold in the long-term, its performance in non-USD terms has not been as outstanding as in USD-terms. This suggests this round’s rally is not as broadly-based as the one earlier this year.

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Gold Firms as Driven by Lower Yields and Divided Fed