The shining metal breaks above $1,760. How soon the 2012 heights may be beaten?
Gold edges up in Asia on inflation views
On Monday, gold soared in Asia, with a holiday ahead in America keeping minor trade and financial markets waiting for further clues on inflation in 2018 as debate steps up over the extent of potential price leaps worldwide.
February delivery gold futures rallied 0.46% in New York being worth $1,341.30.
Financial markets in America will be unavailable due to the Martin Luther King Day holiday. A bit later this week, China will unveil its fourth-quarter surge data. In Europe market participants will wait for monthly inflation data to evaluate how fast the ECB could get down to unwinding its asset purchase program.
The previous week, gold rallied for the third straight trading session on Friday to reach fresh four month maximums after hawkish European Central Bank minutes pushed the common currency to multi-year peaks versus the greenback.
Gold was also underpinned after data disclosing that American consumer prices tacked on in December, thus concluding 2018 on a moderately stronger note.
Let’s look at main movements on the market.
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
The Reserve Bank of Australia will make a statement and release the cash rate on Tuesday, June 2, at 8:30 MT time.