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Gold skidded lower early in New York trade on the combination of large US dollar bids and technical pressure. It’s down $16 to $1934.

The price level of $1924 from the previous week presents a level of support, but the act of selling became more active once the 100-day moving average was breached at $1942.

Gold bulls are growing concerned about the possibility of higher interest rates due to the robust US housing starts figure and continued resilience of the US consumer. As a result, the probability of a rate increase in July, according to Fed pricing, stands at 69%.

At 11:45 am ET, we will receive comments from Fed’s Williams and Barr, but the discussion will probably be centered around “Reflections on Culture,” which might be focused more on regulation than interest rates. However, it’s worth noting that Williams has a dovish stance, and if he expresses a willingness for more rate hikes, it might negatively impact gold prices.

In conclusion, it’s important to monitor yields, particularly the US 10-year yield which has decreased by 4.4 basis points and is currently at a session low of 3.72%. It’s worth considering if the influence of quarter-end flows, as well as anticipating them, is contributing to the movements in today’s prices.

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