Sunday , July 3 2022

Gold prices change little as stocks accumulate despite Sino-US trade tensions by Investing.com



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© Reuters.

Investing.com – Gold prices remained unchanged in Asia on Monday as stocks gained despite tensions in Chinese and US trading.

Asian stocks are mostly traded in green, even after US President Donald Trump said he was not ready to trade with China, which set the yuan's midpoint at levels below 7 for three consecutive sessions.

traded on the Comex Division on the New York Stock Exchange, slightly changed to $ 1,508.15 from 1:10 AM ET (05:10 GMT).

Gold prices ended higher last week after a week of relief from global central banks to protect their economies from the devaluation of the yuan. The Reserve Bank of New Zealand surprised the markets by a half percent decrease last week. The Central Bank of Thailand cut interest rates on the same day for the first time this year, while India, which launched a relaxation policy earlier this year, also cut rates.

Next week, gold traders will look for signs of the US Federal Reserve and other central banks involved in deeper interest cuts to dampen the impact of the growing trade war.

Considering the data, Tuesday's expected US inflation and retail sales data in China and retail sales in China will also be focused later this week.

"In addition to fresh data in the US, there will be some very important macro indicators from China, Germany and the Eurozone that we will also look forward to," says Fawad Razakazada, forex.com analyst.

"If the data in these regions remains soft, expect to see fresh declines in the yields on valuable bonds that may have an impact on the broader financial markets."

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