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Gold ends longest run of gains in 3 months as China calms market

Gold_6

Thursday, 13 August,London : Gold on Thursday declined, ending its longest run of gains in almost three months, as China eased concern about a devaluation of its currency.

Gold lost 0.6% to $1,117.41 an ounce. Prices gained 3.6 in the past five days and reached a three-week high. Silver also fell 1.1% to $15.38 an ounce.

The People s Bank of China said it supports a strong, stable yuan in the long term after its Tuesday decision to devalue the yuan roiled global markets and sparked concern that more countries will weaken their currencies.

Bullion is often used as an alternative store of value and tends to rise when currencies weaken. The metal also fell on Thursday as a gauge of the dollar rose.

Prices reached a five-year low last month on expectations that the Federal Reserve will raise interest rates this year and as the greenback strengthened.

PTI