Consulate closures in China and US boost gold to record level while tech gains

A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo. Picture: REUTERS

The chip maker’s gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7 nanometre chip technology. Global shares had lost steam last week after Washington ordered China’s consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

Gold rose 1.0% to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe haven assets, especially those not tied to any specific country. That means the economy could capitulate without fresh support from the government, with some earlier steps such as enhanced jobless benefits due to expire this month.

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans’ $1-trillion plan.

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