MNI China Daily Summary: Monday, February 10

MNI BRIEF: PBOC'S Zou Promoted To Vice Governor Role

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MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y

MNI: NORWAY JAN CPI +0.2% M/M, +2.3% Y/Y

MNI: US DEC CONSUMER CREDIT +$40.8B

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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GOLD: Gold Heads Higher Again on Tariff News.

GOLD
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  • If Friday’s moves for gold was all about US data  giving mixed messages about the US economy and the potential for rate rises; today it was more about news that Trump is to levy tariffs on steel and aluminum imports.
  • The mixed data result from Friday was quickly forgotten as gold’s safe haven bid re-asserted itself as the tariff news broke. 
  • Opening $$2,861.07 in Asian trade gold has trended higher throughout reaching highs of $2,878.87.
  • To add to the tariff headlines coming from Trump on aluminum and steel are claims that Elon Musk has found ‘irregularities’ at treasury.
  • Gold’s ascent through all key technical levels continued last week as bullion moved further away from the 20-day EMA of $2,785.85 pulling all major technicals higher in signs that the bullish momentum is likely to continue.
  • The coming fortnight sees major gold producers report earnings, and likely to provide insight into gold’s outlook.
  • Safe haven demand remains a key determinant of gold’s fortunes and yet as US data provides mixed results for the outlook for rates, the strength of the USD in the face of tariff threats remains a key factor that determines gold’s fortunes in the near term.
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  • If Friday’s moves for gold was all about US data  giving mixed messages about the US economy and the potential for rate rises; today it was more about news that Trump is to levy tariffs on steel and aluminum imports.
  • The mixed data result from Friday was quickly forgotten as gold’s safe haven bid re-asserted itself as the tariff news broke. 
  • Opening $$2,861.07 in Asian trade gold has trended higher throughout reaching highs of $2,878.87.
  • To add to the tariff headlines coming from Trump on aluminum and steel are claims that Elon Musk has found ‘irregularities’ at treasury.
  • Gold’s ascent through all key technical levels continued last week as bullion moved further away from the 20-day EMA of $2,785.85 pulling all major technicals higher in signs that the bullish momentum is likely to continue.
  • The coming fortnight sees major gold producers report earnings, and likely to provide insight into gold’s outlook.
  • Safe haven demand remains a key determinant of gold’s fortunes and yet as US data provides mixed results for the outlook for rates, the strength of the USD in the face of tariff threats remains a key factor that determines gold’s fortunes in the near term.