Breaking News
Quotes
All Instrument Types
  • All Instrument Types
  • Indices
  • Equities
  • ETFs
  • Funds
  • Commodities
  • Currencies
  • Crypto
  • Bonds
  • Certificates

Please try another search

Search website for: 
Popular News
More
Popular Analysis
More
More
/Free Sign Up
 Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Gold Up as China Evergrande Concerns Continue

Commodities Sep 26, 2021 11:43PM ET
4
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
XAU/USD
+0.35%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close
Gold
+0.41%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close
GLD
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close
3333
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close

By Gina Lee

Investing.com – Gold was up on Monday morning in Asia, with risk appetite decreasing as concerns over China Evergrande Group's (HK:3333) debt situation, and its potential economic impact, continue.

Gold futures were up 0.43% to $1,759.30 by 11:40 PM ET (3:40 AM GMT).

China’s Ministry of Housing and Urban-Rural Development tightened scrutiny of China Evergrande’s bank accounts to ensure funds are used to complete housing projects and not diverted to pay creditors. The developer missed a payment on offshore bonds during the previous week, with a second payment due later in the week.

Its electric-car unit, China Evergrande New Energy Vehicle Group, will also not proceed with a proposed issue of CNY-denominated shares.

Demand for physical gold in China, a top consumer, rose during the previous week as investors sought safety in the safe-haven yellow metal as they monitor the ongoing situation at China Evergrande.

However, benchmark 10-year U.S. Treasury yields climbed to their highest since early July 2021, which capped further gains for the yellow metal.

On the central bank front, European Central Bank (EBC) President Christine Lagarde will speak on Tuesday. Lagarde will be joined by Bank of England (BOE) Governor Andrew Bailey, Bank of Japan Governor Haruhiko Kuroda and U.S. Federal Reserve Chairman Jerome Powell at an ECB forum panel a day later.

Meanwhile, U.S. Treasury Secretary Janet Yellen will join Powell to testify at a Senate Banking Committee hearing on Tuesday. The House Financial Services Committee hearing will follow on Thursday.

SPDR Gold Trust (P:GLD) said its holdings increased 0.1% to 993.52 tons on Friday from 992.65 tons the day before.

In other precious metals, data from the U.S. Commodity Futures Trading Commission showed that speculators cut their net-long positions in COMEX silver by 13,178 contracts to 900 in the week to Sep. 21. Silver rose 0.9%, platinum jumped 1% and palladium inched up 0.1%.

Gold Up as China Evergrande Concerns Continue
4
 
Comments (4)
4

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I Agree
Write your thoughts here
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
David Smith
David Smith Sep 27, 2021 3:36AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
"993.52 tons" Gina Lee, I've seen you make these gold holding claims many times before but I still have yet to see you provide any verifiable evidence to support these claims. How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund.  There was a highly publicized visit by CNBC's Bob Pisani to GLD's gold vault. This visit was organized by GLD's management to prove the existence of GLD's gold but the gold bar held up by Mr. Pisani had the serial number ZJ6752 which did not appear on any relevant bar lists. It was later discovered that this "GLD" bar was actually owned by ETF Securities.
Reply
1 0
Report
David Smith
David Smith Sep 27, 2021 3:36AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
Note that even on the subject of GLD's insurance, they are not at all straightforward about it. Their representative will not confirm nor deny the existence of GLD's insurance. I recommend anyone curious about this to confirm via calling GLD's publicly listed number for general inquiries at 866 320 4053 and ask about this clause from the GLD prospectus: "The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate which does not cover the full amount of gold held in custody." Exactly how much of the fund is insured? They will not give you a straight answer and might even throw in some bizarre excuse which I've experienced. Why hide this information from investors?
Reply
0 0
Report
Iwan kadarusman
Iwan kadarusman Sep 27, 2021 3:00AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
it's just beginning
Reply
0 0
Report
William Bailey
William Bailey Sep 27, 2021 12:22AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
Entire flock of canaries … just the beggining
Reply
1 0
Report
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Cancel Attach
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Confirm Block Cancel
Ok
Report this comment

I feel that this comment is:

Submit
Comment flagged

Thank You!

Your report has been sent to our moderators for review
Close
Continue with Google
or
Sign up with Email