World Economy
0

Gold Falls

Gold FallsGold Falls

Gold slipped on Wednesday, tracking losses in other markets as concerns remained about China’s economic slowdown even after it eased monetary policy, Reuters reported. Global stocks have lost more than $5 trillion since China unexpectedly devalued its currency on Aug. 11, but a short-lived recovery on Tuesday, following the cut in interest rates and bank reserve requirements, had pushed gold down 1.2%. Spot gold fell 0.6% to $1,133.56 an ounce, on track for a third day of losses. The metal’s fall on Tuesday was its steepest since July 20. US gold for December delivery dropped 0.4% to $1,133.50 an ounce. “Nothing looks particularly attractive at the moment, the volatility in equity markets, the very low level of bond yields,” Capital Economics chief global economist Julian Jessop said. “Currencies on the other hand seem to be more driven by perceptions of what the Fed might do on interests, while there haven’t really been major and obvious big moves in safe havens.”

 

Financialtribune.com