As peripheral eurozone yields continue to drop, gold priced in EUR is also becoming less attractive. The recent liquidation has also undermined gold in USD terms. While such price action is currently benefiting the EUR (and in turn keeping the US dollar index under pressure), against some Asian currencies, the USD downtrend is approaching important support. USD/SGD recently moved lower on the heels of USD/MYR though the market is unlikely to push beneath its October lows without a short term struggle.
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Barclays Capital