Gold Price Forecast: October CPI figures erase some downward potential in XAU/USD – SocGen Gold XAUUSD Banks Inflation Bonds
report came softer than expected. This alleviated downside pressure on the yellow metal, strategists at Société Générale report. “One which showed spectacular activity was Gold, with a $7.4bn bullish flow. This was mainly driven by a $6.1bn short covering on the bullion’s future contracts, the largest seen for Gold since data started being aggregated in 2006.”
“The 10y US real rates dropped 19.5 bps to 1.44% in the week to 15 November. The latter would be bullish for the non-interest rate generating precious metal as it increases its appeal compared to treasury notes.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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