Thursday, 7 January 2016

Gold near 7-week high as stocks retreat

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Gold traded near a seven-week high on Thursday as investors channelled money into the safe-haven metal amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions. 


* Spot gold had eased 0.1 percent to USD 1,092.90 an ounce by 0043 GMT. But it wasn't far from USD 1,095.30 reached on Wednesday, its highest since Nov. 16. 

* Gold benefited from the risk-averse sentiment in the market, along with other haven assets such as the Japanese yen and US Treasuries. 

* Stocks across the globe fell on Wednesday to their lowest in nearly three months as a move to weaken China's currency fuelled fears about the strength of the world's second largest economy and as Brent crude hit its lowest since 2004. 

* A raft of data releases from China in coming weeks is likely to show activity continuing to slow, adding to global concerns about the country's economic outlook for 2016. 

* The World Bank on Wednesday cut its global economic growth forecast for 2016, saying the weak performance of major emerging market economies will tamp activity overall, as will anaemic showings from developed countries such as the United States. 

* Adding to those worries was North Korea's announcement that it had successfully tested a powerful nuclear bomb on Wednesday. The move drew threats of further sanctions even though the United States and weapons experts voiced doubts the device was as advanced as the isolated nation claimed.

1 comment:

  1. The INDIA VIX is down 0.02% at 11.7.The S&P BSE Sensex is trading at 31,634 down 36 points, while Nifty is trading at 9896 down 14 points.capitalstars