(Bloomberg) -- Gold was little changed in Asia amid
speculation higher global interest rates may reduce demand for
the precious metal as an alternative investment. Silver was also
little changed.
Holding gold, which yesterday snapped a five-day climb,
becomes less attractive when rates rise as it has no fixed
returns. The European Central Bank raised its benchmark rate to
the highest in six years June 6 and is likely to raise rates at
least once more this year, Ryohei Muramatsu, manager of Group
Treasury Asia at Commerzbank, said today in Tokyo.
Read more at Bloomberg Commodities News
speculation higher global interest rates may reduce demand for
the precious metal as an alternative investment. Silver was also
little changed.
Holding gold, which yesterday snapped a five-day climb,
becomes less attractive when rates rise as it has no fixed
returns. The European Central Bank raised its benchmark rate to
the highest in six years June 6 and is likely to raise rates at
least once more this year, Ryohei Muramatsu, manager of Group
Treasury Asia at Commerzbank, said today in Tokyo.
Read more at Bloomberg Commodities News
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