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Gold’s rally stalls as China data show growth is stabilising

Platinum, palladium and silver all fell more than 1%.
Image: Chris Ratcliffe/Bloomberg

Gold steadied as investors mulled what’s next for inflation and monetary policy, while scrutinising better-than-expected economic data from China.

Bullion finished last week at its highest since June as accelerating price pressures rocked bond markets and fueled demand for the traditional haven. Treasuries are steadier on Monday as investors await public appearances by Federal Reserve officials and other central bankers in coming days.

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In China, a flurry of figures on everything from industrial output to retail sales showed the country’s economy stabilising as spending improved and power supply picked up. That might soften calls for bigger stimulus measures that would in turn risk more inflation.

Expected remarks from Fed policy makers will feed into the debate on whether this year’s price gains are a transitory phenomenon that don’t require the bank to change course. New York Fed President John Williams, a noted dove, speaks on Wednesday. There are also speeches from the heads of the European, UK and Australian central banks this week.

Bullion has benefited as soaring inflation combines with a perception that the Fed has other priorities such as boosting employment. Bond market expectations for inflation over the coming decade are at their highest since 2006.

Gold fell 0.3% to $1 857.53 an ounce by 1:14 p.m. Shanghai time, after gaining 2.6% last week. Platinum, palladium and silver all fell more than 1%.

© 2021 Bloomberg

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  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products Nov 2021 5.00%
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