Gold Demand Higher as Driven by China

Crude oil retreats after the rally over the past 2 days. Yet, price continues hovering around 82 ahead of US' inventory report. Concerning dataflow, the market will focus on the ADP and services PMI in the US. The ADP will probably report +36K addition in employment in July after an increase of +13K in the prior month while ISM services Index is expected to have eased to 53.3 in July from 53.8 in June. Any disappointment should weaken oil prices.

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Gold Demand Higher as Driven by China