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Gold rose in Asia as investors digested mixed inflation data

 

The yellow metal prices increased on June 9 morning in Asia as investors digested mixed inflation data from China and waited for similar data from the U.S. on June 10.

Gold futures increased by 0.12% to $1,896.65. The U.S. dollar, which usually moves inversely to the precious metal, boosted. Meanwhile, the benchmark 10 year U.S. Treasury yields declined to their lowest in more than a month.

Data released earlier in the day unveiled that the Chinese consumer price index (CPI) for May declined 0.2% month-on-month and rose 1.3% year-on-year. But, the producer price index (PPI) increased by 9% year-on-year, exceeding expectations.

Moreover, in Asia, South Korea’s unemployment rate surged 3.8% in May, slightly higher than April’s 3.7% growth.

In the United States market, JOLTs job openings in April rose to 9.286 million, which is higher than both the 8.3 million and March’s 8.288 forecasts prepared by Investing.com.

Investors now await the U.S. core CPI index data for May due on June 10 for further indications on the U.S. Federal Reserve’s timeline to change its monetary policy.

 

investors await the ECB policy decision, due on Thursday

Across the Atlantic, investors await the European Central Bank’s policy decision, due on Thursday. Remarkably, this is crucial because it could influence the direction of the greenback.

Furthermore, world leaders, including U.S. President Joe Biden and German Chancellor Angela Merkel, are anticipated to attend the Group of Seven (G7) leaders’ summit due to open on June 11 in Britain.

Moreover, data from China showed May factory gate prices increased at their fastest pace in more that 12 years. Meanwhile, consumer prices rose for the third straight month.

Among other precious metals, silver declined by 0.2% and traded at $27.58 per ounce. Meanwhile, palladium dropped 0.3% to $2,797.69, while platinum dipped by 0.7%, to $1,153.31.

In cryptocurrency markets, the dominant cryptocurrency, Bitcoin, traded close to $35,000. Meanwhile, the second-largest cryptocurrency, Ethereum, traded at $2,500.

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