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.

Similar

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera