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MTECHTIPS;-Gold holds steady in early Asia with focus on China central bank

MTECHTIPS;-Gold holds steady in early Asia with focus on China central bank

Gold prices were mostly steady in early Asia on Wednesday with attention on the People’s Bank of China after the yuan was effectively devalued on Tuesday – though the central bank called it a market-based adjustment. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.03% to $1,108.00 a troy ounce. Silver for September delivery fell 0.06% to $15.275 a troy. Copper for September delivery eased 0.14% to $2.339 a pound. China is the world’s largest consumer of copper, accounting for approximately 40% of the world’s consumption. Overnight, gold futures closed slightly higher following a day of unpredictable, see-saw trading, as China lowered the value of its currency by almost 2% marking its most significant devaluation in more than two decades. In overnight trading, the People’s Bank of China devalued the renminbi to 6.2298 against the dollar on Tuesday, resulting in a 1.9% adjustment from Monday’s level of 6.1162 versus the greenback. In response, the Chinese yuan suffered its worst one-day decline in more than a decade and fell to its lowest level in three years since the central bank widened the trading band against the dollar in April, 2012.
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