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The prices of Gold
gained as investors started buying due to market volatility on growth prospects
of the region. Japan’s second quarter fell 0.4%, less than the target of
expectation about 5%. Gold has rose 0.22% to US$ 1115.20 in New York Merchantile
Exchange.
Silver, too has gained about 0.11% to US$ 15.230/troy ounce.
In the metal section,
September Copper delivery has fallen to 0.80% to $ 2.324 a pound. This is due
to concern that expectation of oversupply and slowing demand due to Chinese
market slackness. China is only country who has an annual demand of about 40%
of copper in the world market.
Friday, Gold got the
beating because USA economic reports shows producer prices were higher for the
third straight month in July and factory output increased at the faster rate in
the last eight months. United states consumer sentiment dipped slightly this
month.
Dollar got the beating due to Chinese devaluation of Yuan and Federal
Reserve keep lingering with the rate hiking.
Due to Chinese devaluation, United States will keep the hike of interest
rate on hold for some time. Chinese Bank has confirmed that fundamentally China
is stronger and no more devaluation or depreciation is on card now.
Gold, Silver, Copper
US Dollar moved higher
after the report o Friday which made the Gold dip to about 0.13% to US$
1114.2/ounce on New York Mercantile Exchange. Gold was having a three day
strong rally and moved about 2%. United States are planning to increase the
interest rate early next month also made the move. United States Dollar index
has increased to 96.61 against six major currencies, considered itself a
basket. Silver, too fell about 1.39% and
settled at $15.18 a troy ounce. Copper was down too due to sentiment of Chinese
market and deemed oversupply of resources.
Japan, China
Asian market is moving slowly as investors eyed growth
prospects of China and Japan as fundamentals. To worsen Chinese economy, a
major accident in the port city of Tiajin last week, will play against them for
now.
Japan’s second quarter fell to about 0.4% and expected
pace of is down 1.6% is not giving a good picture to Asian Economy. Shanghai
Composite index fell 0.96%, S&P eased to about 0.58%, Hang Sang index
fallen to 1.01% and Nikkei rose to about 0.35%.
United stocks were
higher as Utilities, Financials and Industrial sectors made it to higher
levels. Dow Jones Industrial Average gained 0.40%, S & index gained 0.39%,
and NASDAQ climbed to about 0.29% as United States producer prices were higher
for the third time and output increased faster in eight months.
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