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New York gold rises as US housing starts drag

CCTV.com

04-20-2016 16:34 BJT

China launched its yuan-denominated gold benchmark on Tuesday in Shanghai as it seeks to secure more sway in the pricing of the precious metal. 

The Shanghai Gold Exchange says the benchmark was set at 257 yuan 97 cents per gram on Tuesday. The benchmark also lays the foundation for shifting bullion trading in Shanghai from mostly spot to derivatives. That's to increase the appeal of yuan-denominated bullion trading as financial instruments for domestic and global investors. 

Gold futures in New York rose on Tuesday due to a worse-than-expected U.S. housing starts report. The most active gold contract for June delivery rose 1.56 percent, to settle at 1,254.30 dollars per ounce. 

Analysts say the pick up in gold might continue into the second quarter as investors expect additional rate hikes to be delayed into the second half of 2016.

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