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Gold In 'Not Inflation Hedge' Shocker as China Data Back Yellen, Powell


Wednesday, 6/09/2021 13:53
GOLD PRICES held flat around $1891 per ounce in London trade Wednesday, drifting ahead of tomorrow s US inflation data as Western stock markets slipped and longer-term borrowing costs retreated following mixed inflation figures from China.
 
Factory-gate prices in the world s 2nd largest economy jumped 9% last month from May last year, depths of the first wave of Covid pandemic and lockdowns, while machine-tool orders in neighboring Japan showed a 141% year-on-year jump.
 
But the Consumer Price Index in China slipped 0.2% from April, capping annual inflation at 1.3%, while money-supply growth in Japan slowed hard from 9.2% per year to 7.9% last month.
 
The best forecasters are definitively on Yellen s side, says ....

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