GOLD back below $2000...

Gold abandoned Usd 2000/oz status before the bulk of Tuesday’s pre-supply UST bear-steepening, and some pundits have mentioned Russia’s COVID-19 vaccine regulatory approval as the catalyst. However, the extended retreat to sub-Usd 1950 was increased by stops and technical selling alongside the more pronounced rebound in real yields and risk sentiment. Meanwhile, the dollar was initially bid as a byproduct of longs bailing out of bullion and other precious metals, with the index posting a fractionally firmer post-NFP peak, but then reversing to test support just ahead of 93.000 before finding a base. Note, no visible reaction to stronger than expected US PPI metrics, but Greenback has forged gains vs the Yen due its greater safe-haven appeal, in general.