Precious Metals
D A I L Y B U Z Z
GOLD
Gold extended gains to a third session on Wednesday as growing concerns over the global economy prompted safe-haven bids, while the return of top consumer China from a week-long holiday also lifted prices. Other safe-haven assets such as bonds and the Japanese yen also got a boost as Asian stocks fell and oil prices were mired near their lowest in more than two years. "For the moment, it does look like gold could see some more upside due to the risk averse sentiment," said a precious metal trader in Hong Kong. "But I would still bet that prices would drop back to $1,180 than sustain these gains." Spot gold rose further above the key level of $1,200 per ounce, gaining 0.5 per cent to $1,214.20 an ounce by 0639 GMT. The metal dropped to $1,183.46 earlier in the week - its lowest since
June 2013.
Gold extended gains to a third session on Wednesday as growing concerns over the global economy prompted safe-haven bids, while the return of top consumer China from a week-long holiday also lifted prices. Other safe-haven assets such as bonds and the Japanese yen also got a boost as Asian stocks fell and oil prices were mired near their lowest in more than two years. "For the moment, it does look like gold could see some more upside due to the risk averse sentiment," said a precious metal trader in Hong Kong. "But I would still bet that prices would drop back to $1,180 than sustain these gains." Spot gold rose further above the key level of $1,200 per ounce, gaining 0.5 per cent to $1,214.20 an ounce by 0639 GMT. The metal dropped to $1,183.46 earlier in the week - its lowest since
June 2013.
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