Aug
11
Gold Whipsawed by Yuan Depreciation as Investors Weigh Holdings
ByGold prices were whipsawed by China’s second currency devaluation in two days, last trading around 0.3 percent higher. Platinum and palladium dropped.
Bullion for immediate delivery lost as much as 0.6 percent and gained as much as 0.4 percent before trading at $1,112.48 an ounce at 10:00 a.m. in Singapore.
“Investors are weighing the pros and cons of yuan devaluation,” said Long Ling, an analyst at Industrial Futures Co. in Shanghai. “Some dumped gold out of deflation concern, while others favored gold as currency depreciation is usually seen boosting gold’s appeal as alternative asset.”…
Gold Whipsawed by Yuan Depreciation as Investors Weigh Holdings
