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.

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