Both the data for China’s Industrial Production and Retail Sales as well as the US NY Empire State Manufacturing Index instilled positive sentiments in the market. Adding to the trail of good news, the University of Pittsburgh School of Medicine released news that scientists have developed the strongest antibody component to the pandemic, which was tested on animals.
Gold benefited from these positive sentiments, but gains was capped by the strength of the USD as well as the overall cautious mood leading up to the FOMC meeting. It was seen to hover around the $1,945/55 region during the early hours of the Asian trading session.
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