Gold Price Prediction: Gold Ma
The People’s Bank of China bought nearly 5 tons of gold in March, the largest amount in more than a year; Thus, the buying trend of gold has increased for the 17th consecutive month.
Data Roundup: US data released on April 9 was disappointing as real personal spending increased by 0.1 per cent MoM (estimated 0.2 per cent) in February, while spending in January declined by 0.1 per cent to 0 per cent. Q4 annual GDP came in at 0.5 per cent in the final reading, versus the estimate of 0.5 per cent, as personal consumption came in at 1.9 per cent, lagging the estimate of 2 per cent. Initial jobless claims rose by 203,000 to 219,000 in the week ending April 4, although continuing claims fell from 1,832,000 to 1,794,000. The Fed’s preferred gauge of inflation showed that the personal consumption expenditures price index rose 0.4 percent in February, up from a 0.3 percent increase in January, while the 12-month personal consumption expenditures (PCE) inflation rate held steady at 2.8 percent, and the key annual rate declined to 3 percent from 3.1 percent. However, the data may not be of much significance in the sense that they predate the war in Iran as the war is expected to cause a significant increase in inflation in March.
Upcoming Data: Key US data in the near term include March CPI, University of Michigan sentiment and inflation expectations (April 10), March PPI (April 14), import price index (April 15), TIC flows and industrial production (April 16). Traders will also keep an eye on China’s PPI, CPI (April 10), trade balance (April 14), Q1 GDP, retail sales, industrial production and property data (April 16). Outside the Eurozone the focus will be on March CPI (April 16).
