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Today, the Yellow Metal "Gold" gained for a 5th session in a row to trade near a 3-week high, benefiting from weaker equities after China's devaluation of the yuan stoked fears of a currency war. China's surprise 2 percent devaluation of the yuan on yesterday, notice as a move to bolster point out economy, was criticize by US lawmakers as a grab for an inequitable export benifit. The move strike worldwide equities, encouraging some investors to seek safe-haven assets such as gold which has now regained around 3 % from a 5-1/2-year low of 1,077 US Dollars at the time of late July rout.
Asian stocks and emerging currencies tumbled today after Beijing allowed the yuan to fall sharply for a second day. Spot gold went up 0.2 percent at USD 1,110.80 an ounce by 0231 GMT, after peaking at 1,119 Us Dollars yesterday, it is highest since July 20. The only reason gold may benefit will be purely from a safe-haven perspective said OCBC Bank analyst Barnabas Gan. If China's action indeed spurs a currency war, every currency would depreciate and dollar strength continue, said Gan, which would eventually weaken gold.
The Spot silver dropped down 0.3 % to USD 15.23 an ounce after hitting a 1-month high yesterday. Platinum slided 0.2 % to 982.20 US Dollars an ounce, having gain of three-week top overnight and palladium eased 0.3 percent to USD 599.90.
Asian stocks and emerging currencies tumbled today after Beijing allowed the yuan to fall sharply for a second day. Spot gold went up 0.2 percent at USD 1,110.80 an ounce by 0231 GMT, after peaking at 1,119 Us Dollars yesterday, it is highest since July 20. The only reason gold may benefit will be purely from a safe-haven perspective said OCBC Bank analyst Barnabas Gan. If China's action indeed spurs a currency war, every currency would depreciate and dollar strength continue, said Gan, which would eventually weaken gold.
The Spot silver dropped down 0.3 % to USD 15.23 an ounce after hitting a 1-month high yesterday. Platinum slided 0.2 % to 982.20 US Dollars an ounce, having gain of three-week top overnight and palladium eased 0.3 percent to USD 599.90.
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weaker yuan hits equities
Read more at: http://www.moneycontrol.com/news/commodities/gold-holds-near-3-week-top-as-weaker-yuan-hits-equities_2466321.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/commodities/gold-holds-near-3-week-top-as-weaker-yuan-hits-equities_2466321.html?utm_source=ref_article
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