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14/01/2016 06:05 AST
Weak prices have also been attributed to expectations of another interest rate increase by the US Federal Reserve. Spot gold dropped 0.2 per cent to $1,084.20 an ounce by 0347 GMT, according to a Reuters report.
A rise in safe-haven demand, triggered by the turbulence in Chinese markets, coupled with the rising Saudi-Iran tension, had earlier pushed gold prices higher in the first few days of the year.
“Gold has started 2016 on the attack, with prices heading higher, particularly when priced in yuan. Safe-haven bids and lower bond yields related to the tensions in the Middle East, combined with the Chinese troubles and yuan devaluation, have all helped attract buyers,” said Ole Hansen, head of commodity strategy at Saxo Bank.
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Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Gold | 1,332.2 | -8.6 | -0.64 |
Silver | 16.4 | -0.21 | -1.23 |
Platinum | 923 | -9 | -0.97 |
Palladium | 929 | -3 | -0.32 |
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