Gold prices advance past CPI data; Copper surges with China stimulus in focus
Investing.com-- Gold prices rose in Asian trade on Friday, extending overnight gains as strong U.S. inflation data was somewhat offset by a soft reading on the labor market.
Broader metal prices were buoyed by weakness in the dollar, which fell from two-month highs as traders maintained bets that the Federal Reserve will still cut interest rates in the coming months, albeit at a slower pace. Still, gold remained well below recent peaks.Gold prices were still set to end the week marginally lower, as markets bet that the Fed will cut rates by a smaller margin in the coming months.inflation data furthered this notion.
But while the Fed is expected to cut rates at a slower pace, lower rates still bode well for gold and other non-yielding assets, given that they reduce their opportunity cost.Copper’s rally came after the red metal clocked steep losses earlier this week, following underwhelming signals on stimulus from top importer China.
Analysts expect Beijing to roll out at least 2 trillion , with a bulk of the measures aimed at shoring up private consumption.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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