Gold futures rebound world and traded above U.S. $ 1,400 per troy ounce. Data compiled by Bloomberg show, this morning, the contract price of gold in the spot market rose by 0.6% to U.S. $ 1408.20 per troy ounce. At 11:14 pm Singapore time, the same contract traded at U.S. $ 1,407.30 per troy ounce.
Meanwhile, the price of gold contract for August delivery rose 0.6% to U.S. $ 1,406 per troy ounce on the Comex in New York.
Gold price spike occurred after the stock market decline this morning. In addition, the U.S. dollar rallied against a basket of currencies the world stopped. Two of these factors increase the demand for gold as a hedge.
"The decline in the stock market seemed to lift gold prices. Performa dollar hold gold in a fairly tight range. One more factor that can affect the flow of funds that gold is out of the ETF," said Huang Fulong, CITICS Futures Co analyst.
Records alone, gold prices have slumped 16% in this year. One of the triggers, investors sold gold of exchange traded products. On the other hand, the MSCI All-Country World rally 8%.
Source : kontan.co.id
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