Gold prices rose back above $1,500 (Dh5,507) an ounce in Europe on Tuesday as risk aversion returned to the inancial markets, stoked by concerns over the outlook for the Chinese economy and plans to roll over Greek debt. Spot gold was bid at $1,502.39 an ounce, against $1,495.54 late in New York on Monday. US gold fut-ures for August delivery rose $20.50 an ounce to $1,503.10. Media reports about a possible rate rise in China and a Moody\'s report saying the scale of problem loans at local governments there may be much bigger than previously thought dented risk appetite, which had returned to the markets last week after Greece approved austerity measures. Providing support Article continues below Certainly the Chinese stories this morning have helped [gold],\" said Credit Suisse analyst Tom Kendall. \"We have seen a bit of buying coming back in from some of the institutional names that have been absent for a while, and positioning in gold is a lot less from shorter-term players than it has been.\" Meanwhile, the premium investors demand to hold Spanish and Italian debt crept up and the cost of insuring peripheral debt against default rose on weak economic data and persistent worries over the impact of a Greek debt rollover. Worries over mounting debt levels in Eurozone economies like Greece, Ireland and Portugal were a key factor driving gold to record highs above $1,575 an ounce in May. Relief after Greece secured a €12 billion (Dh63.78 billion) loan to avert default helped allay some of those concerns last week. But they persist, with Standard & Poor\'s warning on Monday it would treat a rollover of privately held Greek debt now being discussed as a selective default. Below forecast Eurozone PMI data boosted risk-averse sentiment on Tuesday.
GMT 12:01 2018 Tuesday ,23 January
Bahrain Bourse daily trading performanceGMT 19:16 2018 Monday ,22 January
TRA responds to hoax Dh5,000 VPN fine SMSGMT 13:09 2018 Sunday ,21 January
Bahrain Bourse daily trading performanceGMT 13:50 2018 Friday ,19 January
US SEC says bitcoin funds raise ‘investor protection issues’GMT 06:50 2018 Friday ,19 January
European stocks mostly advance on bright global outlookGMT 09:12 2018 Thursday ,18 January
European stock markets join global downtrendGMT 17:06 2018 Wednesday ,17 January
China temporarily waives taxes to get foreign firms to stayGMT 17:01 2018 Wednesday ,17 January
JPMorgan Chase earnings drop on weak trading, tax itemsMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor