Business News Asia
The price of gold fell on Tuesday morning in Asia. The reason is the appreciation of the dollar and the rise in yields on U.S. Treasury notes.
Gold futures fell 0.07% to $1,815.15.
Gold fell after the dollar index, which tends to move inversely with gold, rose on Tuesday 0.08% to 95.127. The yield on 10-year U.S. Treasury notes also rose to 1.835%.
According to data from the World Gold Council, Thailand is the country with the most gold reserves in Southeast Asia. According to this data, Thailand is said to hold around 244 tons of reserves, ahead of the Philippines with 157 tons and Singapore with around 153 tons. India was the country that added the most gold in Q3 2021 with over 40 tons. On the other hand, Turkey, which is currently suffering from high inflation, reduced its gold inventory by 13.9 tons.
Meanwhile, there was interest rate news to report from Asia, as the Chinese central bank, the Bank of China announced to lower interest rates. The reason for this was the slowdown in economic growth in Q4 2021. China’s GDP increased by 8.1% year-on-year, but growth showed a slowdown in Q4 2021 to 4% compared to 4.9% in Q3.
Interest rate decisions were also made in Japan when the Bank of Japan left interest rates at -0.10%. The highly indebted country expects an increase in official inflation figures this year due to rising producer prices.
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Tuesday, January 18, 2022