Gold Holds Near 3-Week Top Amid Hopes for Delayed U.S. Rate Hike

Gold Holds Near 3-Week Top Amid Hopes for Delayed U.S. Rate Hike

Some traders think the Fed could delay the interest rates as early as September in response to currency devaluation China’s decision. Image Source: http://bit.ly/1EniMDk

Gold futures prices jumped on Wednesday to trade near a three-week high, as China’s surprise move to devaluation of the yuan currency boosted speculation that the Fed’s could delay raising interest rates until the very end of 2015.

On the Comex Gold futures for December delivery rose to an intraday peak of $1,120.80 a troy ounce, the most since July 20, before trading at $1,117.90. Spot gold was up 0.2 per cent at $1,110.80 an ounce, after peaking at $1,119 on Tuesday, its highest since July 20.

China shock 2 percent devaluation of the yuan on Tuesday, viewed as a movement to strengthen a weak economy, was sentenced by US legislators as an appropriation taking of unfair export advantage.

The measure hit global equities, prompting some investors to seek safe-haven assets like gold now has recovered about 3 percent from a minimum of 5-1 / 2 years $ 1.077 for an afternoon rout July.

Some traders think the Fed could delay the interest rates as early as September in response to currency devaluation China’s decision, according to Fed policy makers are likely to remain preoccupied with the pressures of growth and global inflation

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, was down 0.9% to 96.36 early Wednesday, the lowest level since July 13.

The precious metal again topped USD 1,100 an ounce mark in the global market.

At the domestic marketplace Gold recorded a gain of around four per cent or Rs 900 per 10g in two days.

Standard gold touched Rs 26,000 per 10gms, a level not seen after July 17 but the slipped on profit booking by stockists. Gold closed at Rs 25,900 per 10gms, a rise of Rs 380 from Tuesday.

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