Gold rush in China, UK: Are you buying?

Gold rush in China, UK: Are you buying?

Gold has surged to new heights in China and the UK in the first two weeks of 2017, while a number of other emerging markets have seen a sharp increase in their holdings, according to data from the London Bullion Market Exchange.

The Shanghai Composite rose 6.5 per cent on Wednesday, the largest increase since January, while the Shenzhen Composite climbed 5.5 percent, the biggest gain since April.

Gold jumped 2.3 per cent in Japan, the world’s biggest bullion market, while Chinese equities rallied 3.6 per cent.

Gold and silver prices surged earlier this week after the Federal Reserve began to loosen monetary policy, and traders reacted with optimism, as they expected the central bank would raise interest rates.

The dollar has slumped, and the Japanese yen has also weakened.

“The U.S. dollar is weaker than it was in January, but this is not a surprise,” said Mark Hildebrand, senior economist at Aberdeen Asset Management.

“The US dollar is trading at its weakest level since mid-2015, when the Fed started easing.

It is now trading below its previous low and is trading close to where it was before the Fed began easing.”

Gold prices have also risen sharply in Australia and Singapore.

The Australian dollar fell by 0.7 per cent, and Singapore’s weakened by 0,4 per cent after the central banker said it would raise its key interest rate.

The Singaporean dollar also fell by 1.2 per cent against the Australian dollar, while Singaporean equities traded lower by 0 per cent or less.

In Britain, the benchmark FTSE 100 index fell 2.7 percent, after the British government announced a plan to cut taxes by $1.5 billion, including on investment gains and dividends, and to extend a freeze on interest rates to December 2019.

The index has been in a bear market for some time, with the S&P 500 down by 5.4 per to 6,6 per on Tuesday.

Meanwhile, the British pound, which has appreciated against the dollar since the Brexit vote, was trading lower by 1 per cent at $1,251.80.

Meanwhile in the United States, the Dow Jones industrial average lost 0.6 percent and the Nasdaq Composite lost 0,3 percent.

The market was mostly flat in Europe and Japan.

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