Gold extended the biggest weekly
retreat since November on speculation that U.S. interest rates
will increase next year, curbing demand for the metal as a store
of value. Silver fell to the lowest level in almost six weeks. SEE MORE Gold fell the most in three months
after the Federal Reserve further reduced U.S. monetary stimulus
and more officials predicted a rise in interest rates in 2015,
curbing demand for the metal as a store of value. SEE MORE Vietnam will cut its key policy rates from tomorrow, as the
government tries to support businesses and bolster a struggling economy.
Stocks rose.
The discount rate will be cut to 4.5 percent from 5 percent, and
the repurchase rate will be lowered to 5 percent from 5.5 percent, the
central bank’s monetary policy head Nguyen Thi Hong said at a briefing
in Hanoi today. The refinancing rate will be reduced to 6.5 percent from
7 percent. SEE MORE Vietnam’s central bank will weaken the dong only when “truly
needed” as it steps up efforts to create more favorable conditions for
foreign investors, including a plan to auction bad-debt assets of banks. SEE MORE Vietnam has surpassed Malaysia and India to become the third largest
natural rubber producer in the world, according to the Association of
Natural Rubber Producing Countries (ANRPC). SEE MORE