XAU/USD: statistics from China supported the quotes

Gold quotes, which retreated to global support at 1700.0 as a result of a strong push in the USD Index, are correcting upward, trading at 1712.0.

A short-term impetus to the precious metals market was given by statistics from China. February Consumer Price Index accelerated growth to 0.6%, beating expectations of a 0.4% increase. Also, the Producer Price Index rose 1.7%, with an expected increase of 1.5%.

A longer-term positive driver for gold is an expected US inflation. Already, its level has begun to grow actively, and in the event of the final adoption of a package of support for the US economy in the amount of USD 1.9 trillion, inflation could accelerate to 2.4% as early as next month, according to Goldman Sachs investment bank. Given these risks, it is only natural for investors to turn their eyes back to safe haven assets.