China Lifecos are already on the bid in Gold. The Shanghai Gold exchange admitted four Chinese Life Insurance companies as members of the exchange, enabling them to purchase Gold as part of a pilot program that could grow the network of Gold buyers and create a massive new buying impulse, TDS' Senior Commodity Strategist Daniel Ghali notes. Gold prices continue to rally north of $3000"These four lifecos alone have nearly 13Trillion yuan in total assets and represent nearly 2/3 of the total potential buying impulse from this pilot program. We estimate that a 1% allocation into Gold amounts...
The Pound Sterling (GBP) depreciates against the US Dollar (USD) on Wednesday as United Kingdom (UK) inflation came in softer than expected, while investors scrutinized the Spring Budget. Across the pond, mixed US economic data lent a lifeline to the Greenback, which pared losses versus the British pound. GBP/USD is trading at 1.2895, down 0.36%. Pound drops as inflation cools and Reeves' budget tightens spendingThe UK's inflation rate dipped below estimates, with headline figures rising 2.8% year-over-year (YoY) in February, compared to 3% in January. The Core CPI for the same period...
The AUD/USD pair exhibits indecisiveness around 0.6300 during North American trading hours on Wednesday. The Aussie pair struggles for direction after the release of the Australian Monthly Consumer Price Index (CPI) data for February, which showed that inflation has cooled down. The inflation data rose at a slower pace of 2.4% compared to estimates and January's reading of 2.5%. Technically, soft inflation data should have boosted market expectations that the Reserve Bank of Australia (RBA) could cut interest rates again in the April meeting. However, traders would also discount the...