Gold steadied near a six-year high as investors weighed the stronger-than-expected yuan fixing, which spurred a relief rally in markets.
Spot gold -0.2% to $1,498.32/oz at 7:42am in London; earlier lost as much as 0.6% and rose as much as 0.4%. Prices touched $1,510.46 on Wednesday, the highest level since April 2013. Bloomberg Dollar Spot Index -0.1%.
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 the average estimate of analysts and traders, leading to a rise in Asian equities. Markets have been on the edge after a weak rate on Monday helped trigger the biggest loss in the yuan since 2015 and sparked concern about a global currency war.
Source : Bloomberg