Observing news today one can easily get disappointed. However, things are getting better.
Gold rallies in Asia ahead of China GDP
On Monday, gold headed north in Asia ahead of China’s second quarter GDP, retail sales and industrial output for June. Market participants also paid attention to property development.
In New York, August delivery gold futures inched up 0.25%, trading at $1,230.56, while copper futures rallied 0.19% getting to $2.689 a pound.
China’s second quarter GDP added 1.7%, meeting expectations, while a year-on-year leap of 6.9% moderately surpassed the expected 6.8%.
The previous week, gold gained to two-week peaks as poor American inflation data contributed to doubts over whether the key US bank would lift interest rates for a third time in 2017 or not.
Gold concluded the week with a gain of 1.32%.
In June, American consumer price inflation dropped to 1.6% from May’s outcome of 1.9%, as the Labor Department reported on Friday.
Expectations that interest rates will remain low tend to underpin gold, struggling to compete with yield-bearing investments when borrowing costs ascend.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.