Gold sharply extended its gains for a second day on Thursday and more than made up the losses suffered earlier in the week. Though the metal was slightly lower at the time of this writing on Friday, it is still holding in the positive territory for the week and thus remains on course to post its second two-week rally since the second week of August.
StocksThe stock market volatility remained elevated last week, in part because of the increased worries about the health of the global economy. The much-anticipated U.S.-jobs report failed to inspire a rally either as the unexpectedly sharp drop in the unemployment rate and the stronger-than-expected increase in wage growth kept the prospects of a 2015 Federal Reserve rate rise alive.
Gold’s many qualities make it one of the most coveted metals in the world. Not only can it be beautifully shaped and sculpted, the yellow metal also conducts electricity, doesn’t tarnish and is biocompatible (meaning it’s not harmful to our tissue). These qualities make it the metal of choice in a wide variety of industries, including dentistry and medicine, electrical engineering, construction and aerospace manufacturing.
In an early morning vigilante move a group of investors in the city of Kunming, China in only what can be described as “daring citizen’s arrest” accosted a Mr. Shan Jiuliang, the Head of the Exchange, and turned him over to the police.
First it was the U.S. Federal Reserve. Then, in 2013, Japan launched what became known as Abenomics. The European Central Bank (ECB) followed suit in 2014. And now the People’s Bank of China has joined the parade.
China's gold demand this year is expected to at least hold steady with last year at just under 1,000 tonnes and will not likely be dented by this week's currency devaluation, the World Gold Council (WGC) said.