Equities up, gold down as China backs currency

THE PEOPLE’S Bank of China has eased concerns over the devaluation of its currency by verbally pledging its support for the yuan, with gold ending its longest upward trajectory in three months.
Equities up, gold down as China backs currency Equities up, gold down as China backs currency Equities up, gold down as China backs currency Equities up, gold down as China backs currency Equities up, gold down as China backs currency

According to Bloomberg global equities rebounded on news of the move, as demand from haven assets such as bonds and precious metals faded despite bullion rising the previous five days.

Gold further retreated yesterday with the dollar making gains over expectations of increased interest rates with US data showing growth in retail sales and unemployment claims hovering close to a four-decade low.

Recent copper mine sales have been described as "hotly contested" affairs by OZ Minerals CEO Andrew Cole, ahead of forecasted supply shortages of the metal.

Deals worth $US16.3 billion last year at an average premium of 64%, and while copper prices hit a six-year low producers are hoping to better position themselves amid supply concerns that may put the metal into deficit.

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