Gold Rises as China Stocks Sparks Anxiety

Gold climbed above $1,100 an ounce for the first time in nine weeks on Thursday as the dollar fell and investors channeled money into safer assets as worries over the Chinese economy hit global stocks.

European shares fell sharply after China accelerated the depreciation of the yuan, sending Asian shares to a three-month low.

Chinese stocks fell 7 percent on Thursday after less than half an hour of trading, triggering a circuit breaker that suspended trading for the rest of the day.

Spot gold rose to a nine-week high of $1,102.80 an ounce, before paring some gains to trade up 0.76 percent at $1,102.60. U.S. gold futures also jumped for a fourth straight session to a nine-week high of $1,102.50.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza