Gold keeps recovering from last week’s multi-month minimums

Gold keeps recovering from last week’s multi-month minimums

On Wednesday, gold soared, proceeding with its revival from multi-month lows reach the previous week.

August delivery gold futures grew 0.37% demonstrating $1,219.23.

This week the most popular precious metal has been rebounding following stronger-than-expected economic data from America, a subdued inflation picture from China as well as Japan’s narrower-than-expected account surplus.  

A strengthening in other commodity prices, including iron and crude have also helped. Meanwhile, political uncertainty in America has taken some of the shine off the greenback.

On Monday, China announced that in June the Consumer Price Index inched up 1.5% year-on-year, while the Producer Price Index soared 5.5%.

The previous week, gold prices went down to nearly four-month minimums on Friday.

The previous month the American economy generated 222,000 jobs, as the Labor Department informed, which is more than the 179,000 new jobs foreseen by economists.

 

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