Big gains in Hong Kong and Chinese share markets are bound to weigh on bullion, analyst says
ABC Bullion two ounce gold bars are displayed at the ABC Refinery smelter in Sydney, New South Wales, Australia. Picture: BLOOMBERG/David Gray
Asian shares scaled a four-month high on bets for supercheap liquidity and fiscal stimulus to sustain the global economic recovery, with investors awaiting US services sector activity data for June later in the day. Gold has gained nearly 17% so far this year, and was just $15 shy of a near eight-year peak scaled on July 1.
“With increasing number of US states imposing lockdowns again, it should result in the Federal Reserve’s balance sheet continuing to grow and interest rates kept low, which would in turn provide underlying support for gold markets,” Phillip Futures said in a note.
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