From Bloomberg: By Debarati Roy and Nicholas Larkin - Oct 25
Gold rose for a second straight session, tracking gains in others commodities, as renewed optimism for growth in China boosted prospects for raw-material demand.
The Standard & Poor’s GSCI Index of 24 raw materials climbed as much as 2.7 percent after reports showed China’s manufacturing may rise in October for the first time in four months. Gold also advanced on concern that U.S. monetary policy aimed at shoring up growth will spur inflation. Federal Reserve Vice Chairman Janet Yellen said on Oct. 21 that a third round of large-scale securities purchases may become warranted to boost the economy.
“Optimism about Chinese growth is pushing all commodities higher, including gold,” Fred Schoenstein, a trader at Heraeus Precious Metals Management in New York, said in a telephone interview. “Some people are also looking at it as a safe-haven investment.”.......read on
No comments:
Post a Comment