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Gold dives in Asia on China consumer prices
On Wednesday, gold sank in Asia because the previous month weaker than anticipated consumer inflation in China affected views on global inflation soaring more than expected this year.
February delivery gold futures dived 0.12% being worth $1,312.10 a troy ounce.
China’s consumer prices rallied 0.3% on month and also at a 1.8% on year, as official data disclosed on Wednesday, which is below the anticipated 0.4% and 1.9% profits observed respectively.
Overnight, gold kept easing from multi-month maximums amid a revival in the greenback as market participants weighed the prospect of global monetary policy tightening after the BOJ reduced its bond purchases.
On Tuesday, gold rebounded further from four-month maximums because treasury yields tacked on, backing dollar strength amid soaring hopes for global monetary policy tightening after the BOJ reduced its purchases of long-term bonds.
In a soaring interest rate environment, traders’ appetite for gold weakens as the unique opportunity cost of holding gold inches up relative to other interest-bearing assets, including bonds.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.