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Bloomberg
Gold rose — trading above $1,800 an ounce — as China swept away more of its Covid-19 controls, piling pressure on the dollar as risk assets gained.
China will no longer subject inbound travellers to quarantine from early January, adding to the rapid rollback of
strict pandemic rules and boosting sentiment towards Asia’s biggest economy.
Markets are also digesting US data that pointed to softer inflation and slower consumer spending, which could ease pressure on the Federal Reserve for more rate hikes.
Gold has gained more than 9% this quarter, helped by the greenback’s retreat and hopes that the Fed will slow aggressive monetary tightening
Spot gold rose 1.7% to $1,828.86 an ounce in New York; the Bloomberg Dollar Index dropped 0.3% and is close to its lowest since June.