Gold adds in Asia on Chinese safe-have demand

Gold adds in Asia on Chinese safe-have demand

On Friday, gold held its profits in Asia on safe-have demand from China. It’s because borrowing by some key private firms to purchase assets overseas comes under the scanner of China’s major bank regulator.

Overnight reports disclosed that China's banking regulator had urged a large lender to check credit risk profiles of certain companies, which had borrowed a lot in greenbacks to purchase assets abroad. However, details were unclear and there weren’t any instant indications on the overall extent of exposure. By the way, along with India, China appears to be the number one importer of gold around the globe.

In New York, August delivery gold futures tacked on 0.25%, demonstrating $1,252.55 a troy ounce.

Overnight, the most popular precious metal was still on track to conclude higher for a second-straight session because subdued weekly initial jobless claims data disappointed expectations, thus helping this commodity to shrug off hopes that the Fed might lift rates later this year.


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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