Gold is modestly corrective after Monday’s high at 1295.46 successfully capped gains yesterday. However, geopolitical tensions, growth risks, ebbing rate hike expectations and a weaker dollar all conspire to underpin the yellow metal. Gold is already off the intraday lows, as dips continue to be seen as buying opportunities.
The calendar is pretty light today with just the Fed’s Beige Book and EIA crude data. We’ll also hear Fedspeak from Boston Fed hawk Rosengren.