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Last Updated : Sep 02, 2015 06:13 PM IST | Source: PTI

Gold steady after 3-day gain;equity slump fuel haven demand

The release of monthly US employment data on Friday may provide clues on whether the Federal Reserve will raise borrowing costs at its September meeting.


Gold, on Wednesday, held gains as investors sought a safe haven from recent equity declines sparked by concerns of a deepening slowdown in China. Gold was little changed at USD 1,138.78 an ounce.

The release of monthly US employment data on Friday may provide clues on whether the Federal Reserve will raise borrowing costs at its September meeting.


Higher rates curb the allure of bullion because the metal does not pay interest or offer returns. Silver, however, fell 0.3 percent to USD 14.57 an ounce.

Gold climbed last month for the first time since May as a sell-off in Chinese stocks, an unexpected devaluation of the yuan and speculation that the Federal Reserve will delay raising interest rates increased the metal’s appeal.


Prices increased 3.6 percent in August. 

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First Published on Sep 2, 2015 06:13 pm
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