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9.27.21 - Gold Higher on Haven Appeal
Gold last traded at $1,750 an ounce. Silver at $22.65 an ounce.
NEWS SUMMARY: Precious metal prices rose Monday on safe-haven buying despite a firmer dollar. U.S. stocks traded mixed as traders braced for the final week of a volatile September and Treasury yields rose.
Marketwatch---"Gold futures settled higher on Friday, a day after posting their sharpest daily loss in a week, as investors continued to digest the Federal Reserve's monetary policy plans, as well as China's crackdown on cryptocurrencies and developments tied to property giant Evergrande....
China on Friday reiterated its crackdown on cryptocurrencies, with the People's Bank of China stating that virtual currency doesn't have the same legal status as legal currency.
The gold price will break past $1,840 resistance 'if and when there is confirmation that China will eradicate cryptocurrencies,' Chintan Karnani, director of research at Insignia Consultants, told MarketWatch. There has to be more 'clarity' on a potential crypto ban from China.
'History suggests that crypto currencies have risen sharply after any major price crash (irrespective of news), so it is wait and see for cryptocurrencies,' said Karnani.
Gold also found support after China property giant Evergrande's woes extended beyond China, with U.S. Evergrande investors reportedly not yet having received interest payments, said Edward Moya, senior market analyst at Oanda.
'It looks like China won't save Evergrande but will try to contain any systemic risks, which should lead to some safe-haven flows for bullion,' he said in a market update."