Gold rises above US inflation data, looming major central bank decisions – News Couple
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Gold rises above US inflation data, looming major central bank decisions


Written by Gina Lee

Investing.com – Gold rose Monday morning in Asia, as investors awaited key central bank decisions throughout the week and higher US consumer prices gave a boost to the yellow metal.

Gold futures rose 0.10% to $1,786.55 by 11:07 PM ET (4:07 AM GMT) after rising 0.8% on Friday. The dollar, which usually heads inversely to gold, also rose on Monday ahead of about 20 central bank meetings, many of which are likely to drive markets throughout the week.

The Fed is widely expected to accelerate the pace of asset reduction when it issues its policy decision on Wednesday, which could also herald an earlier-than-expected rate hike.

The European Central Bank (ECB), the Bank of England, and the Bank of Japan will also release their policy decisions later in the week. A Reuters poll showed that the European Central Bank may halve the number of assets it buys each month from April.

On the data front, the US Consumer Price Index (CPI) on Friday grew 6.8% YoY and 0.8% MoM in November, while Core CPI grew 4.9% YoY and 0.5% MoM. This is the largest annual gain since 1982.

In the Asia-Pacific region, Japanese data released earlier in the day showed that the index of the largest tankan manufacturers was 18, and the index of large tankan non-manufacturers was 9, for the fourth quarter of 2021.

Meanwhile, natural gold was well in demand in the major Asian centers last week, with domestic prices easing towards the end of the year. However, price volatility has deterred retail buyers and jewelers in India.

In other precious metals, silver rose 0.4%, platinum settled at $942.00 and palladium jumped 1.4%.

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