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Gold ticks higher after the sell-off in China

The metal was 1.3%, or US$14, higher to US$1,092 as investors were concerned of the sell-off in China.
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The Shanghai Composite dropped by triple digits as investors moved elsewhere

Gold was on the climb on Friday as last night’s Chinese selloff impacted markets and sent investors flocking to safer pastures.

Once again the Asian powerhouse moved back into bear market territory - the second time in just over six months. 

Bernard Aw, at spread-betting firm IG, said: “Asia is likely to end the week with better risk appetite than when it started, although the mixed performance from the overnight markets suggests that any risk uptake today may be restrained.”

The metal was 1.3%, or US$14, higher to US$1,092, and the strong start to the year has meant ABN Amro has amended its forecasts.

“We expect gold prices to move lower because of a higher US dollar, improvement in investor sentiment and higher US yields this year,” it said.

“However, gold prices will unlikely reach 975 US$/ounce at the end of March (our previous forecast).”

The analyst has changed its forecast accordingly, with gold likely to be around US$1,050 by the end of March.

Away from gold, silver rose around 1.6% to US$14.07 while platinum nudged US$5 to US$841.

 

Major Movers

Randgold Resources up 115p to 4,344p

Fresnillo down 10p to 692p

Anglo American down 28p to 234p

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