MNI China Daily Summary: Thursday, January 9

MNI: BAVARIA DEC CPI 3.0% Y/Y (FLASH WAS 3.2%)

MNI: GERMANY NOV EXPORTS +2.1% M/M

MNI BOJ: 2 OUT OF 9 JAPAN REGIONS UP ECON VIEW FROM OCT

MNI: PBOC Net Drains CNY20.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Thurs; -2.34% Y/Y

MNI: EUROZONE NOV RETAIL SALES +0.1% M/M, +1.2% Y/Y

MNI: GERMANY NRW DEC CPI +0.5% M/M, +2.5% Y/Y

MNI: GERMANY NOV IND PROD +1.5% M/M

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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GOLD: Largely Holding Tuesday's Gains, China Added To Gold FX Reserves in Dec

GOLD
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Gold prices have tracked mostly sideways in the first part of Wednesday trade. We were last near $2647, little changed versus end Tuesday levels in the US. Tuesday's 0.46% gain was aided by the pull back in equity sentiment, with a firmer USD/yields not enough to offset in term's of aggregate performance. Intra-session highs from Tuesday were around $2664.3. Better US data outcomes did help take off this level in Tuesday trade. We remain above the simple 100-day MA, which has been a support point in recent months. 

  • Outside of traditional macro drivers, China's FX reserves data for Dec showed the central bank continued to add to gold reserves in the month. It resumed such purchases in Nov, after no change in the prior 6 months. 

 

 

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Gold prices have tracked mostly sideways in the first part of Wednesday trade. We were last near $2647, little changed versus end Tuesday levels in the US. Tuesday's 0.46% gain was aided by the pull back in equity sentiment, with a firmer USD/yields not enough to offset in term's of aggregate performance. Intra-session highs from Tuesday were around $2664.3. Better US data outcomes did help take off this level in Tuesday trade. We remain above the simple 100-day MA, which has been a support point in recent months. 

  • Outside of traditional macro drivers, China's FX reserves data for Dec showed the central bank continued to add to gold reserves in the month. It resumed such purchases in Nov, after no change in the prior 6 months.