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Gold rises to fresh 4-month highs in Asia

FXStreet (Mumbai) - The yellow metal galloped to the highest levels since June in the Asian session after the Chinese inflation data reinforced concerns over the ongoing weakness in China and its impact on the global growth prospects.

Gold hovers near multi-month highs

Currently, gold trades 0.61% higher at 1172.50, easing-off fresh four-month highs recorded at 1174.50 in Asia. Gold prices extended higher for the eighth straight session as the weak Chinese CPI print reinforced market’s belief that Fed would push back rate hike talks for this year.

Moreover, persisting broad based US dollar weakness amid falling Fed rate hike bets this year and risk-off sentiment, also benefits the safe-haven gold.

Looking ahead, markets now await the key US retail sales and PPI data for fresh USD moves, which will eventually impact gold prices.

Gold Technical Levels

The metal has an immediate resistance at 1174.50 (Today’s High) and 1181 (daily R3) levels. Meanwhile, support stands at 1162.98 (5-DMA) levels below which doors could open for 1158.40 (daily S1).

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