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Gold climbs to four-week high on fall in dollar, Asian shares
2016-06-13 16:51:34

Gold climbs to four-week high on fall in dollar, Asian shares

Gold soured for a four-week high on Monday as the dollar plunged and Asian stocks tumbled ahead of key central bank meetings this week.

The precious metal hit a high of $1284.44 an ounce, from the opening at $1275.24, extending its rise for a fourth straight session.

Asian stocks fell by the most in four months amid Brexit concerns, lower oil prices, and lower than forecast Chinese economic data.

The dollar fell to a one-month low of 105.72 versus the yen, as the worries in the market sparked haven demand on the yen and other refuge assets.

The dollar index, which tracks the green currency’s movements versus a basket of major currencies, is meanwhile trading lower around 94.52.

Eyes will focus on monetary policy meetings by the Federal Reserve and the Bank of Japan this week, amid predictions of seeing no change in the monetary stance.

Analysts believe the Fed would hike interest rates in July or even later in September, which could help non-interest bullion in the coming period.

Policymakers will probably wait to see the outcome of the Brexit referendum on June 23, given the risks that could financial markets in the event that Britons chose to leave the EU.

A poll released by OBR on Friday showed the lead of the “Out” camp by 10 points over the “In” camp, raising uncertainty about the result of the referendum.

“Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.74 percent to 893.92 tonnes on Friday, the highest since October 2013,” according to Reuters.

So far, gold has climbed 20 percent this year, where further delay in the decision of raising interest rate by the Fed could help non-interest bullion to widen its gains.


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