Gold held the biggest
one-day gain in three months on concern the market turmoil spurred by
China’s devaluation may weaken currencies and delay the onset of higher
U.S. interest rates, increasing demand.
Gold for immediate
delivery was little changed at $1,124.50 an ounce at 7:52 a.m. in
Singapore after rising 0.1 percent to $1,125.85, the highest since July
20, according to Bloomberg generic pricing. The metal rallied 1.4
percent on Wednesday, the most since May 13, capping a five-day rally.
Bullion is often used
as an alternative store of value, and tends to rise when currencies
slump. China’s decision on Tuesday to weaken its currency may boost the
chances of competitive devaluations, reinvigorating gold’s allure a
prices dropped to the lowest level since 2010 last month. The dollar
dropped on Wednesday as traders pared bets that the U.S. Federal Reserve
will start raising interest rates from next month.
Silver for immediate
delivery traded at $15.55 an ounce from $15.546 on Wednesday, when
prices capped five days of gains. Spot platinum was little changed at
$1,000.35 an ounce after rising 1.4 percent on Wednesday, while
palladium dropped 0.3 percent to $625.30 an ounce after a 4.4 percent
surge.
Source: Bloomberg
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