Gold Extends Win Streak To 4 Sessions On China Currency Move

By Mark DeCambreMarketWatch Pulse

Gold futures ended higher Tuesday, posting gains for a fourth straight session during a tough day for commodities, which were hit by China's decision to devalue its currency. China is one of the world's largest importers of metals. 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. For some, China's currency move cast doubt on the timing of the Federal Reserve's interest-rate hike, which the market has been anticipating will come in September. Pushing back a rate hike weakens the dollar and can be a boon for dollar-denominated commodities like gold. Gold futures for December delivery closed up $3.60 cents, or 3.32% higher, at $1,107.70 an ounce. Gold's climb also comes as stocks , were moving sharply lower, threatening to erase all of Monday's gains.

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