Online: | |
Visits: | |
Stories: |
from Kitco NEWS
Gold prices ended the U.S. day session modestly up and hit a three-week high Tuesday, on follow-through buying from Monday’s gains. Kitco’s spot gold was last quoted up $5.00 and trading at $1,109 an ounce. Overnight Monday, the yellow metal had an extremely volatile session moving in a $25 range, as the market was surprised by a 1.9% devaluation of the Chinese yuan, said Peter Hug, Global Trading Director for Kitco Metals. China has been implementing economic and monetary measures to resuscitate its flagging economy. The move by China shook the financial world, with markets selling off. The gold market saw little reaction to the China news. “The global macro picture continues to deteriorate and gold is beginning to attract capital flows, dare I say, as a safe haven asset,” Hug told Kitco News. The gold market remains positioned short and most analysts continue to remain bearish, Hug added. “Risk remains to the upside,” he noted.
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: www.kitco.com/newsletter
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews