Fundamental OverviewGold has been on a sustained rally ever since the last Fed’s decision as real yields fell further due to inflation expectations rising faster than nominal yields. More recently, real yields pulled back a bit, while gold continued to print new highs. The new driver could be China as last week they started to implement strong easing measures.The market is now looking forward to better global growth although that could come at the cost of inflation staying above the target for longer or even reaccelerating. Overall, there hasn’t been any bearish catalyst since the last FOMC decision, so the bullish momentum remained intact. Watch out for the US data this week as strong data
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