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Gold Gains on Devalued Yuan

August 11th, 2015 by


china-goldSummer is winding down and India’s Autumn festivals are approaching, which should wake gold from its hibernation. Yesterday’s Bloomberg TV interview with the Fed’s Vice Chair, Stanley Fischer, helped the price of gold and seems to continue to help it. Gold price has maintained a steady streak, even hitting $1,113 early this morning and has also gained in China. Gold has been making a turn in the past few weeks.

Early this morning, the People’s Bank of China (PBOC) adjusted the yuan to the lowest it has been in two decades.The 1.9% dip is comparable to a Yuan devaluation from about twenty years ago in January of 1994.

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