Gold rises at opening in Hong Kong and Asian stocks are up on Monday with MSCI Asia Pacific Index up 0.9%
Gold has opened at $1,336.00-1,337.00 US in Hong Kong on Monday, up from Friday’s close of 1,317.00-1,318.00 dollars.
The MSCI Asia Pacific Index rose 0.9%, with Australia’s S&P/ASX 200 Index up 1.3%, Hong Kong’s Hang Seng Index up 0.9%.
South Korea’s Kospi Index also progressed 0.3% while Japan’s Nikkei 225 Stock Average lost 0.3% as the nation’s exports grew at the slowest pace this year in September.
US Futures have also gained in the last hour, the US Standard & Poor’s 500 Index gained 0.4%.
Crude oil is up 1.4% to $81.69 a barrel.
But the dollar fell broadly on Monday after a Group of 20 meeting produced enough agreement despite discordant policies to keep the status quo on the trade of selling the US currency and buying stocks and commodities such as gold.
While the international meeting did not reach a consensus on details such as numerical targets for a country’s economic imbalances, the G20 found common ground on the need for more “market oriented” exchange rates and concluded with a shift in power to developing economies in the International Monetary Fund — enough to avert an all-out currency war, for now.
Copper traded on the London Metal Exchange jumped 1,5% to $8457,75 a tonne, closing in on a two-year high hit of $8492,00 last Tuesday. A rise above the two-year high would clear the way for a try at triangle pattern resistance at
