Commodities

Gold backs off seven-year peak as dollar pulls higher

2020-01-14 08:42:41 GMT (Economies.com)

Gold futures declined in Asia off March 2013 highs as the dollar index rose off early July lows following earlier Chinese data and as America and China reach a trade deal with signing scheduled on Wednesday. 

 

As of 04:27 GMT, gold futures due in February fell 0.64% to $1,538.80 an ounce as the dollar index edged up to 97.38. 

 

Earlier Chinese data showed trade surplus up to 329 billion yuan from 274 billion in November, as both exports and imports accelerated beyond estimates last month. 

 

Now markets await data on Chinese GDP, expected at 1.4%, slowing down from 1.5% in the third quarter. 

 

From the US, consumer prices are expected to rise 0.2%, slowing down from 0.3% in November, while expected to rise 2.4% y/y. 

 

Federal Reserve Bank of New York President John Williams was due to speak about the culture in financial services at a workshop hosted by the London School of Economics.

 

Otherwise, the US Treasury Department also took China off its list of currency manipulating- countries after putting it there in August.  

 

The Department said China has pledged executable commitments to avoid weakening yuan and publish forex information, bolstering yuan versus dollar to six-month highs. 

 

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