Gold prices inched higher on Monday as U.S. Treasury yields fell slightly after the release of mixed Chinese data and ahead of this week’s Federal Reserve meeting.
Spot gold edged up 0.1 percent to $1,729.96 per ounce, while U.S. gold futures were up half a percent at $1,727.95.
Official data showed that industrial production in China jumped 35.1 percent year-on-year in the period including January and February – beating forecasts for an increase of 30 percent.
Retail sales spiked an annual 33.8 percent to exceed expectations while weaker-than-expected investment growth and rise in unemployment disappointed markets.
The dollar held firm ahead of the Fed decision due to be announced Wednesday after the FOMC meeting, with traders looking for the U.S. central bank to address the recent spike in bond yields.
Treasury Secretary Janet Yellen said last week that U.S. inflation risks remain subdued despite the Biden administration stimulus.
Traders also keep an eye on U.S. reports on retail sales, industrial production, housing starts, and regional manufacturing activity this week for clues on the economic outlook.
The Bank of England rate decision is due on Thursday and no change in policy is expected.
The Bank of Japan monetary policy decision is slated for Friday, with economists expecting a review of the central bank’s monetary policy strategy.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.