GOLD firmed on Monday, building on its biggest weekly rise in three months, buoyed by weaker-than-expected US data and lingering uncertainty over the implications of China’s yuan devaluation.
Gold rallied to its highest since mid-July last week after Beijing’s mini-devaluation of the yuan, as analysts speculated that a weakening Chinese currency could prompt the Federal Reserve to postpone an expected rise in US interest rates.
SPOT GOLD was up 0.2 percent at USD 1,116.40 an ounce by 3:02 p.m. EDT (1902 GMT), while US gold futures for December delivery settled up 0.5 percent at USD 1,118.40 an ounce.
SPOT SILVER was up 0.7 percent at USD 15.32 an ounce, platinum rose by 0.4 percent to USD 992.50 and palladium was down 0.6 percent at USD 612.
OIL PRICES slipped further in Asia on Tuesday, weighed down by a strengthening dollar as concerns about weakening demand in China added to expectations a global oversupply will last for years.
US benchmark West Texas Intermediate for September delivery was down seven cents to USD 41.80 in late-morning trade.
BRENT CRUDE for October gave up 13 cents to USD 48.61. Oil has led a slump in energy commodity prices in the past month “due to concerns about falling demand from China and robust global supply, especially in the US,” research house Capital Economics said.
Speculators reduced their net long Brent crude positions by 21,295 contracts to 125,889 lots in the week to Aug. 11, figures from the Intercontinental Exchange showed.
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