Gold soars on Hong Kong unrest, Argentina peso rout

Spot gold was up 1 percent at $1,525.99 per ounce hit a high of $1,534.31 — its highest level since April 2013. (REUTERS)
Updated 13 August 2019

Gold soars on Hong Kong unrest, Argentina peso rout

  • Spot gold was up 1 percent at $1,525.99 per ounce hit a high of $1,534.31 — its highest level since April 2013

BENGALURU: Gold hit a more than six-year high on Tuesday as unrest in Hong Kong and a rout in the Argentine peso drove investors already spooked by the US-China trade war into havens such as bullion at the expense of riskier assets such as stocks.
Spot gold was up 1 percent at $1,525.99 per ounce hit a high of $1,534.31 — its highest level since April 2013.
US gold futures was up by 1.3 percent to $1,537 an ounce.
“Bond yields and equities are down which are the main reason for gold to be higher. There is a bit of safe-haven (interest),” ABN Amro analyst Georgette Boele said. “People are nervous about Hong Kong again.”

 

Share markets slid for a third day on Tuesday as investors were spooked by fears of a drawn-out global trade war, the Hong Kong protests and a crash in the peso.
In Hong Kong, pro-democracy protesters on Monday shut down the city’s airport, the world’s busiest air cargo hub.
Elsewhere, Argentina’s peso collapsed on Monday, losing roughly 15 percent of its value against dollar after crumbling to an all-time low.
Fears of a possible return to interventionist policies of the previous government have gripped the Argentine market since market-friendly President Mauricio Macri lost a primary election by a bigger-than-expected margin.
The yen rose to a seven-month high against the dollar in the previous session, while US 30-year bond yields extended Monday’s losses to slip to their lowest since July 2016.

Decoder

Gold bullion, along with the Japanese yen and US Treasuries, are seen as a relatively safe investment in times of political and financial uncertainty.


Boeing: Timing of 737 MAX return in hands of regulators

Updated 16 November 2019

Boeing: Timing of 737 MAX return in hands of regulators

  • Boeing earlier said it expected the US Federal Aviation Administration to certify the 737 MAX in mid-December

DUBAI: Boeing said on Saturday the US Federal Aviation Administration and other global regulators would decide the timing of the return to service of its 737 MAX, which has been grounded since March in the wake of two fatal crashes.
The head of the FAA has told his team to “take whatever time is needed” in its review of the MAX, according to a Nov. 14 memo seen by Reuters, issued days after Boeing said it expected the FAA to certify the 737 MAX in mid-December.
“The FAA and regulators around the world control the schedule,” Stan Deal, chief executive of Boeing Commercial Airplanes, told a news conference on the eve of the Dubai Airshow.