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Gold prices trading lower as the US$ finds support

Gold prices are trading marginally lower as the US dollar finds support this Tuesday morning. Bullion has managed to push higher as real yields fall (see graph below) despite elevated 2-year and 10-year Treasury yields. With inflationary pressures being minimized in the US, real yields having softened slightly (inflation expectations possibly outpacing aggressive monetary policy, backing gold

Later today, US building permit data (see economic calendar below) will come into focus which shouldn’t provide too many surprises going into tomorrow’s FOMC announcement.

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