Gold prices steady
Reuters
By our correspondents
August 28, 2015
Manila
Gold steadied on Thursday after suffering its biggest fall in five weeks in the prior session as stock markets recovered, but indications that a US rate hike might happen later than expected kept a floor under prices.
Cheered by Wall Street's rebound, Asian stocks rose led by Chinese markets whose deep tumble this week fed a global rout.
"Gold has been correlated a lot with stock markets in the past couple of days due to the fear globally," said Howie Lee, an analyst at Phillip Futures in Singapore.
"It's not surprising to see gold come back off as stocks stabilise."
Spot gold was up 0.1 percent at $1,126.65 an ounce by 0602 GMT, after dropping 1.3 percent on Wednesday, its steepest decline since July 20.
Bullion fell to a one-week low of $1,117.35 overnight, taking its losses this week to nearly 3 percent. US gold for December delivery edged up 0.2 percent to $1,126.40 an ounce.
Gold steadied on Thursday after suffering its biggest fall in five weeks in the prior session as stock markets recovered, but indications that a US rate hike might happen later than expected kept a floor under prices.
Cheered by Wall Street's rebound, Asian stocks rose led by Chinese markets whose deep tumble this week fed a global rout.
"Gold has been correlated a lot with stock markets in the past couple of days due to the fear globally," said Howie Lee, an analyst at Phillip Futures in Singapore.
"It's not surprising to see gold come back off as stocks stabilise."
Spot gold was up 0.1 percent at $1,126.65 an ounce by 0602 GMT, after dropping 1.3 percent on Wednesday, its steepest decline since July 20.
Bullion fell to a one-week low of $1,117.35 overnight, taking its losses this week to nearly 3 percent. US gold for December delivery edged up 0.2 percent to $1,126.40 an ounce.
-
'The Muppet Show' Star Miss Piggy Gives Fans THIS Advice -
Sarah Ferguson Concerned For Princess Eugenie, Beatrice Amid Epstein Scandal -
Uber Enters Seven New European Markets In Major Food-delivery Expansion -
Hollywood Fights Back Against Super-realistic AI Video Tool -
Meghan Markle's Father Shares Fresh Health Update -
Pentagon Threatens To Cut Ties With Anthropic Over AI Safeguards Dispute -
Samsung Galaxy Unpacked 2026: What To Expect On February 25 -
Travis Kelce Takes Hilarious Jab At Taylor Swift In Valentine’s Day Post -
NASA Confirms Arrival Of SpaceX Crew-12 Astronauts At The International Space Station -
Can AI Bully Humans? Bot Publicly Criticises Engineer After Code Rejection -
Search For Savannah Guthrie’s Abducted Mom Enters Unthinkable Phase -
Imagine Dragons Star, Dan Reynolds Recalls 'frustrating' Diagnosis -
Steve Jobs Once Called Google Over Single Shade Of Yellow: Here’s Why -
Barack Obama Addresses UFO Mystery: Aliens Are ‘real’ But Debunks Area 51 Conspiracy Theories -
Selma Blair Explains Why Multiple Sclerosis 'isn't So Scary' -
Will Smith Surprises Wife Jada Pinkett With Unusual Gift On Valentine's Day