Hong Kong gold closes at record high

HONG KONG, June 21, 2010 (AFP) - Gold closed at a record high above 1,264 dollars an ounce in Hong Kong on Monday as the greenback weakened against Asian currencies after China's announcement of a more flexible yuan.
buy azithromycin online buy azithromycin online no prescription
The precious metal ended at 1,264.
buy levaquin online buy levaquin no prescription
50 US dollars an ounce.

The main catalyst for the rally was China's decision at the weekend to allow greater flexibility in the yuan's exchange rate, which sent industrial metals higher.

A weaker greenback makes gold cheaper for traders using foreign currencies.

The yuan rose to a five-year high of 6.8089 to the dollar Monday. With China a net gold importer the gradual strengthening expected in the yuan is positive for gold demand, Dow Jones Newswires said.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Top
0
Would love your thoughts, please comment.x
()
x