China Bond Market Meltdown Brings World of Hidden Bills to Light

Reuters

Gold set for weekly gain as central banks defer rate hikes

Gold prices were on track for a weekly gain on Friday as the U.S. Federal Reserve and the Bank of England stood pat on interest rates despite growing inflationary risks, increasing the appeal of non-yielding bullion. Ultra-loose U.S. monetary policy has helped drive gold sharply higher since the financial crisis of the late 2000s, with low interest rates cutting the opportunity cost of holding non-yielding assets. Spot gold was up 0.3% at $1,796.64 per ounce, as of 0714 GMT, and gained 0.8% so far in the week.