China buys more Gold – ING

FXStreet Insights Team FXStreet

China’s central bank continues to add Gold to its reserves, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold is one of the strongest-performing major commodities

"In July, the People’s Bank of China increased its Gold reserves for the ninth straight month. Gold held by the central bank increased by 60,000 troy ounces to 73.96 million troy ounces last month."

"Gold is one of the strongest-performing major commodities, up by more than a quarter this year amid Trump’s aggressive trade policy, conflicts in the Middle East and Ukraine, and central bank buying."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD climbs to daily highs on US CPI

EUR/USD now accelerates it rebound and flirts with the 1.1880 zone on Friday, or daily highs, all in response to renewed selling pressure on the US Dollar. In the meantime, US inflation figures showed the headline CPI rose less than expected in January, removing some tailwinds from the Greenback’s momentum.

GBP/USD clings to gains above 1.3600

GBP/USD reverses three consecutive daily pullbacks on Friday, hovering around the low-1.3600s on the back of the vacillating performance of the Greenback in the wake of the release of US CPI prints in January. Earlier in the day, the BoE’s Pill suggested that UK inflation could settle around 2.5%, above the bank’s goal.

Gold: Upside remains capped by $5,000

Gold is reclaiming part of the ground lost on Wednesday’s marked retracement, as bargain-hunters seem to have stepped in. The precious metal’s upside, however, appears limited amid the slightly better tone in the US Dollar after US inflation data saw the CPI rise less than estimated at the beginning of the year.