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