Much of the focus this week was on the outcome of the Fed’s FOMC meeting. In the event, it seems that a clear majority of Fed officials continue to expect another rate hike in 2017. This was a factor weighing on all the metals prices this week, but gold was hit particularly hard. That said, the price of gold rose on Friday on the back of renewed safe-haven demand in response to North Korea-related geopolitical risk.
Turning to next week, there is little in the way of market-moving data at least until the release of China’s official and unofficial manufacturing PMIs on Saturday. The PMIs have been strong recently and at odds with other indicators such as the activity and spending data, which have been more subdued. As such, we expect somewhat weaker readings.
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