29 July
Gold rises amid easing of Covid restrictions in China and signs of declining inflation in the US
The price of gold has increased, exceeding $1,800 per ounce. This comes as China lifts more and more Covid restrictions, putting pressure on the U.S. dollar amid rising risk assets.
Since the beginning of January, travelers entering China are no longer required to be under quarantine. The rapid lifting of the country's strict pandemic control rules could help boost Asia's largest economy.
Markets are also processing Friday's U.S. data, which showed a decline in inflation and a slowdown in consumer spending. This may ease the pressure on the Fed to raise rates later.
In the current quarter, gold prices have increased by more than 9%. This is due to expectations of a slowdown in the Fed's aggressive monetary policy and the U.S. dollar's retreat.
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