The post Gold rises on Nvidia disappointment, revival of China demand appeared on BitcoinEthereumNews.com.

Gold is rising as markets digest disappointing Nvidia earnings, now a macro event given the company’s size and importance.   A revival of Chinese demand for the precious metal further supports the price.  Technically, XAU/USD trends sideways, with odds still favoring an eventual break higher given the broader uptrend.  Gold (XAU/USD) trades about half a percent higher in the $2,510s on Thursday, gaining a lift from safe-haven inflows on the back of mildly negative sentiment driven by disappointing Nvidia earnings. Although the tech giant’s Q2 earnings beat estimates, the numbers weren’t enough for markets to justify the stock’s exalted valuation. That said, European stocks are recovering after a shaky open and broader market sentiment could be shifting.  Gold gains after report shows revival in China demand Gold is probably gaining support after data from the World Gold Council (WGC) on Tuesday showed China’s net Gold imports rose by 17% in July, the first month of increases since March. A modest increase in net inflows of 8 metric tons ($403 million) led by North American funds last week, was also noted.  The precious metal may be benefiting from a slide in the US Dollar (USD), to which it is negatively correlated. The US Dollar Index (DXY) is pulling back down on Thursday and trading in the 100.90s, rolling over from a peak of 101.18 reached Wednesday.  Traders are now looking ahead to US Jobless Claims and Gross Domestic Product (GDP) data out on Thursday for more clarity on the projected path of US interest rates. The jobs data could be of particular relevance given the Chairman of the Federal Reserve (Fed) Jerome Powell highlighted risks to the labor market from keeping rates high at his Jackson Hole speech. The GDP data is a revision of the first estimate for Q2 with economists…

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Filed under: News - @ August 29, 2024 8:26 am