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MTECHTIPS:-Gold holds steady in Asia as investors wait-and-see on China measures

MTECHTIPS:-Gold holds steady in Asia as investors wait-and-see on China measures

Gold held steady on Thursday in Asia as investors cast a wary eye on China’s markets to see if the latest stability measures will calm concerns of a rout. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange was flat at $1,123.00 a troy oune. Silver fell 0.21% to $14.070 a troy ounce. Elsewhere in metals trading, copper for September delivery on the Comex rose 0.19% to $2.267 a pound. After the close of trading in Chinese markets on Wednesday, China’s central bank said it will inject 140 billion yuan, or $21.8 billion, into the financial system in an effort to boost liquidity. Chinese equities struggled on Wednesday, as worries about whether Beijing had done enough to spur its slowing economy remained on investors’ minds. After a rollercoaster session swinging in and out of the red, the Shanghai Composite closed down 1.3%, reflecting investors’ views that much more support was needed from the government and the central bank. China cut interest rates and lowered the reserve requirement ratio for large lenders on Tuesday, in a much-anticipated move that some in the market believed was long overdue. Recent steep declines in Chinese equity markets have sparked fears that they will hasten an economic downturn and undermined investor confidence in the government’s ability to revitalize economic growth.

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