Gold grabs a bid. Eyes on the BOJ later.

We're into the time of year when flows dominate fundamentals so it's tough to pin down every market move. Gold's latest rally has pushed it up $14 to $2032 on the day.

I don't see any headlines behind it but eyes are on the Red Sea and how the US will respond to a threat to global shipping.

What I will say is that there is very strong seasonal tailwind for gold for the next six week and with the Fed turning dovish and the dollar slipping, it has a fundamental backing. Also note that BOJ is less than 12 hours away and that could be a factor.

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