HomeBusinessGold Rises on China's Covid Shift, Signs of Cooler US Inflation

Gold Rises on China’s Covid Shift, Signs of Cooler US Inflation

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Gold Rises on China's Covid Shift, Signs of Cooler US Inflation
Gold Rises on China’s Covid Shift, Signs of Cooler US Inflation

Gold rose, trading above $1,800 an ounce, as China removed more of its Covid-19 controls, piling pressure on the dollar as risk assets gained.

China will no longer quarantine incoming travelers from early January, adding to the rapid reversal of strict pandemic rules and boosting sentiment toward Asia’s largest economy.

  • Markets are also digesting U.S. data on Friday that pointed to weaker inflation and slower consumer spending, which could ease pressure on the Federal Reserve for more rate hikes.
  • Gold has gained more than 8% this quarter, helped by the dollar’s retreat and hopes that the Fed will slow the aggressive monetary tightening.
  • Spot gold rose 0.4% to $1,804.60 an ounce at 9:51 a.m. Shanghai time on Tuesday; the Bloomberg Dollar Index fell 0.3% and is near its lowest level since June. Silver, palladium, and platinum were higher.

Source: Bloomberg

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