Japan's headline inflation came in at 3%, the 18th straight month above the BOJ's 2% target, while China will release its one-year and five-year loan prime rates later Friday.
Investors have taken rallying gold prices as a signal that markets are risk averse in a period of rising bond yields and the escalation of the Israel-Hamas conflict. Spot gold was last trading around $1,957.39 per ounce, up roughly 8% from its October lows around $1,819. However, Fairlead Strategies' Katie Stockton expects that gold is 'short-term overstretched' and could pull back next week. She expects the recent move higher is a bounce from its previous lows.
'Gold have really shot up this week,' Stockton said. 'Everyone's been very quick to say that it's because there's risk off now in the market, but I would disagree with that.' 'We have to contextualize it with what happened before this relief rally in gold, right, which was a really sharp downdraft. So, gold is basically right back to where it was in sort of mid to late September,' she added. 'So we've seen a round trip in the price of gold.
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