Gold futures gained for a second day in a row as accelerating inflation in China boosted the appeal of the yellow metal as a hedge, while demand continues to remain strong in the physical market for items such as jewellery, coins and bars.
China’s consumer-price index rose 2.7% from a year earlier, government data showed on Tuesday. Demand in Asia for gold has been underpinned by reports of purchases in China, Standard Bank Plc said in a report.
Gold for August delivery gained 0.9% to US$1,245.90 an ounce, while in the spot market the yellow metal is changing hands at US$1251 an ounce.
With the Australian dollar falling against the U.S. dollar, the price of gold in the local currency is around A$1360 an ounce, and therefore domestic producers have been buffeted to some degree from the fall in the yellow metal.
courtesy of proactiveinvestors.com.au
China’s consumer-price index rose 2.7% from a year earlier, government data showed on Tuesday. Demand in Asia for gold has been underpinned by reports of purchases in China, Standard Bank Plc said in a report.
Gold for August delivery gained 0.9% to US$1,245.90 an ounce, while in the spot market the yellow metal is changing hands at US$1251 an ounce.
With the Australian dollar falling against the U.S. dollar, the price of gold in the local currency is around A$1360 an ounce, and therefore domestic producers have been buffeted to some degree from the fall in the yellow metal.
courtesy of proactiveinvestors.com.au
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