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Gold Steady Near 6-Year High as China Sets Yuan Fixing


Thursday, 8 August 2019 11:32 WIB

GOLDEMAS Spot Emas


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Gold steadied near a six-year high after slipping earlier as investors weighed the stronger-than-expected yuan fixing, which sparked a relief rally in markets.

China's central bank set its daily reference rate at weaker than 7 per dollar for the first time in more than a decade, but was still stronger than analysts' expectations, leading to a rise in Asian equities. Markets have been on the edge after a weak reference rate on Monday helped trigger the biggest loss in the yuan since 2015 and sparked concern about a global currency war.

Spot gold little changed at $1,501.49/oz at 10:43am in Singapore; earlier lost as much as -0.6% to $1,491.91/oz. Prices touched $1,510.46 on Wednesday, the highest level since April 2013.

Source : Bloomberg


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