Gold rises in early Asian trade, buoyed by monetary debasement fears. "The U.S. Treasury's interest payments have overtaken annual defence spending, the Fed faces political scrutiny over its independence and developed-market debt ratios continue to climb despite record nominal GDP," Saxo Bank's Ole Hansen says in an email.
Debasement, "once confined to history books, has re-emerged in market vocabulary as faith in fiat currencies erodes under the weight of chronic deficits, politicised monetary policy, and falling real yields," the head of Commodity Strategy adds. Spot gold is 0.5% higher at $4,038.36/oz.
Source: Dow Jones Newswires
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