China’s GDP figures came in high, but analysts are expecting a sharp dip for Q2 as harsh lockdowns continue.
The yen is a popular asset during turbulent times.
Oil prices rose in the Asian session due to weak crude production by OPEC. Inflation remains at a 40-year-high, though expectations are more positive. Still, central banks such as the Monetary Authority of Singapore are continuing to tighten monetary policy and raise interest rates, driving demand for safe-haven assets like gold.Gold rose for the second consecutive week by 0.6% to $1,985.49.Today is a bank holiday in the UK and many European countries, so liquidity is expected to be lower than usual.Daily new coronavirus cases globally fell last week for the fourth consecutive week.It is estimated that 64.8% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 6.4% of the global population is known to have contracted the virus at some stage.Total confirmed new coronavirus cases worldwide stand at over 504 million. An estimated 0.078% of the world’s population has died from COVID-19.The rate of new coronavirus infections appears to now be increasing only in Barbados, Bhutan, Canada, China, and Taiwan.
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