Friday, 8 January 2016

Gold hits nine-week high as China worries hit stocks

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Gold climbed above USD 1,100 an ounce for the first time in nine weeks on Thursday as the dollar fell and investors channelled money into safer assets after worries about the Chinese economy hit global stocks. 

European shares fell sharply after China accelerated the depreciation of the yuan and Asian shares hit a three-month low. China's stock markets were suspended less than half an hour after opening on Thursday after sharp falls triggered a new circuit-breaking mechanism for a second time since its introduction this week. 

Spot gold rose to a nine-week high of USD 1,102.80 an ounce, before paring some gains to trade 0.4 percent higher at USD 1,098.70 by 1249 GMT. US gold futures also jumped for a fourth straight session to a nine-week high of USD 1,102.50. "Gold's strength is probably going to be relatively short term, but there is an upside risk to gold, if the view that China is going to pull the whole world into recession becomes stronger," Citigroup metals strategist David Wilson said.

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