Investors fleeing China's stock-market turmoil seek safety in gold
By Biman Mukherji
The Wall Street Journal
Monday, January 11, 2016
HONG KONG -- China's stock-market volatility is driving up the price of gold as investors seeking safety pile into the yellow metal, reversing expectations that the price would slump this year in the wake of a strengthening dollar.
Gold is up about 4.3 percent since the beginning of 2016, trading around $1,106.20 a troy ounce Monday, after breaking through a key psychological level of $1,100 an ounce last week.
At the end of 2015, analysts had predicted gold prices would fall below $1,000 an ounce early this year, as the dollar, spurred on by higher U.S. interest rates, gathered strength. Historically, gold has an inverse relation to the dollar as it is priced internationally in the U.S. currency.
However, these expectations have been upended by the recent stock-market tumult. ..
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