• Gold drifted higher in quiet trade on Monday, lifted by
bargain hunting after the previous session's sharp drop,
benign inflation data from China and higher commodity
prices.
• The metal's inflation-hedge appeal increased as U.S.
soybean futures surged to a record high and corn rallied
due to fears that severe dry conditions in the U.S.
Midwest could lead to rising commodity inflation. Rising
crude oil prices and a weaker dollar also boosted gold.
• Also underpinning bullion was Chinese data showing
the inflation rate undershot expectations in June,
signaling more room by China's central bank to ease
monetary policy to stave off a slowdown.
• Gold dropped 1.5 percent on Friday after weak U.S.
jobs data failed to raise hopes that the Federal Reserve
will embark on a third round of asset-buying program.
• China's annual consumer inflation eased more than
expected to 2.2 percent in June from 3.0 percent in
May, creating more room for the central bank to ease
policy to bolster economic growth
bargain hunting after the previous session's sharp drop,
benign inflation data from China and higher commodity
prices.
• The metal's inflation-hedge appeal increased as U.S.
soybean futures surged to a record high and corn rallied
due to fears that severe dry conditions in the U.S.
Midwest could lead to rising commodity inflation. Rising
crude oil prices and a weaker dollar also boosted gold.
• Also underpinning bullion was Chinese data showing
the inflation rate undershot expectations in June,
signaling more room by China's central bank to ease
monetary policy to stave off a slowdown.
• Gold dropped 1.5 percent on Friday after weak U.S.
jobs data failed to raise hopes that the Federal Reserve
will embark on a third round of asset-buying program.
• China's annual consumer inflation eased more than
expected to 2.2 percent in June from 3.0 percent in
May, creating more room for the central bank to ease
policy to bolster economic growth
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