A lot of funds are moving into bullion due to weaker greenback, analyst says
Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi in the southern Swiss town of Balerna. Picture: REUTERS/MICHAEL BUHOLZER
Spot gold had risen 1.5% to $1,928.83 per ounce by 5.06am after hitting an all-time high of $1,933.30. US gold futures climbed 1.4% to $1,924.20.With the dollar substantially weaker, “a lot of funds are moving into gold right now”, said Edward Meir, analyst at ED&F Man Capital Markets. The dollar fell to a near two-year low vs major currencies as a standoff between Washington and Beijing showed no signs of abating with both sides ordering the closure of consulates in Chengdu and Houston.
Gold tends to benefit from widespread stimulus as it is considered a hedge against inflation and currency debasement.
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