39325
Gold Retains Haven Status
World Economy

Gold Retains Haven Status

Gold futures advanced moderately in Monday trading as investors’ risk-aversion propped up market havens that include the yellow metal and the Japanese yen.
Gold continues to move in veritable lock-stop with currency action, although a limited move for the dollar moving toward the US market open on Monday did cap gold’s climb, MarketWatch reported.
“The yen strengthened for a seventh day in a row in Tokyo. The [dollar-yen] hit a fresh 17-month low of 107.62 despite the out flowing cash [from Japanese stocks]. The safe haven flow is not simply confined to the Japanese yen—gold prices are also higher … owing to dollar weakness,” said Ipek Ozkardeskaya, analyst with London Capital Group, in a note.
The yen has gained despite ramped up rhetoric from officials there who are worried that a too-strong yen will harm exports. Yet monetary officials have so far refrained from official market intervention to hold down the yen.
June gold was up $7.40, or 0.6%, to $1,251.30 early Monday. At Friday’s close, gold logged its biggest weekly gain—up 1.7%—in three weeks as fresh global growth worries and expectations for a lackluster corporate earnings season just getting underway also brought in bids for the yellow metal. The SPDR Gold Trust  ETF rose 0.8%.
May silver  was up 19 cents, or 1.3%, to $15.59 an ounce early Monday; silver scored its largest weekly gain last week since March 4.

 

Short URL : http://goo.gl/0vY51D
  1. http://goo.gl/pyBhXw
  • http://goo.gl/2M29PQ
  • http://goo.gl/cLuYWC
  • http://goo.gl/o3ntdC
  • http://goo.gl/mxL4N6

You can also read ...

Deutsche Bank CEO John Cryan (L) and ECB President Mario Draghi at a conference in Frankfurt on Sept. 6.
The head of Germany’s biggest private lender wants the...
Analysts say the outlook for Britain’s public finances had “weakened significantly” with Brexit likely to put further pressure  on the country’s economic strength.
Moody's cut Britain's long-term credit rating Friday, citing...
President Emmanuel Macron (C) signs a set of executive orders making sweeping changes to France’s complex labor laws on Friday.
France’s private sector expanded the most since May 2011,...
The People’s Bank of China
China’s small banks are struggling to raise funds through...
Portugal Budget Deficit Narrows
Portugal’s budget deficit narrowed to 1.4% of gross domestic...
India Eases Foreign Investment Rules
The Reserve Bank of India eased rules governing foreign...
Workers unite in steely opposition to Thyssenkrupp’s deal with Tata.
Thousands of steelworkers hit the streets of Bochum in Germany...
Indonesia Cuts Key Rate
Indonesia’s central bank cut its main interest rate for the...

Trending

Googleplus