GOLD PRICE WEEKLY OUTLOOK:
Gold held steadily during Monday’s APAC session after gaining 1.6% over the past week. A slew of upbeat economic data bolstered risk sentiment, defying fears about the negative impact of the Omicron variant on economic recovery. This may limit upside potential for the yellow metal, which is commonly viewed as a safe haven asset.
Japan’s core machinery orders, a leading indicator of capital spending, surged 11.6% YoY in November. This compared to a 6.1% estimate. The reading reflects an encouraging sign that private firms are spending and the broader economy is recovering at a faster-than-expected pace.
Chinese GDP expanded at 4.0% in the fourth quarter, beating economists’ forecast of 3.6%. industrial production grew at 4.3%, compared to a 3.6% estimate. Retail sales trailed behind consensus however, coming in at 1.7% YoY. Nonetheless, the overall picture shows that the world’s second- and third-largest economy are in a good shape of recovery, although the roadmap remains bumpy due to lingering effects of the pandemic.
Gold - Daily Chart
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