Gold futures ended higher Tuesday, posting gains for a fourth straight session during a tough day for commodities, which were hit by China’s surprise decision to devalue its currency.China is one of the world’s largest importers of metals and other commodities and the country’s currency decision raised concerns about the health of its economy. China accounts for nearly one-third of global gold demand.
However, gold traders pointed to possible haven buying from Chinese investors, aiming to offset a lower yuan, as one reason the precious metal was trading higher Tuesday.
Gold futures for December delivery GCZ5, +0.23% settled up $3.60, or 0.3%, at $1,107.70 an ounce. Futures swung between a high of $1,119.10 an ounce to below $1,100 an ounce during a session in which The People’s Bank of China overnight allowed the yuan USDCNY, +1.5983% to devalue by 1.9%, in what’s being viewed as an effort to boost flagging exports and spur growth in the world’s second-largest economy.
Meanwhile, September silver SIU5, -0.84% gave up a penny, or less than 1%, to finish at $15.28 an ounce Tuesday.
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