Gold
declined, ending its longest run of gains in almost three months, as
China eased concern about a devaluation of its currency.
Global
equities rebounded, and demand ebbed for haven assets including bonds
and precious metals, after the People’s Bank of China quelled fears of
broader currency wars with verbal support for the yuan. Bullion rose in
the previous five days.
Gold
is often used as an alternative store of value and tends to rise when
currencies weaken. The metal deepened losses Thursday as the dollar
extended gains amid increasing expectations that improving economic
growth will push the Federal Reserve to increase interest rates this
year. Sales at U.S. retailers rose in July, and jobless claims are
hovering close to a four-decade low, government data show.
Gold
futures for December delivery declined 0.7 percent to settle at
$1,115.60 an ounce at 1:52 p.m. on the Comex in New York, the biggest
loss since July 24.
Source : Bloomberg
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