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Gold rises on the yuan devaluation
Gold traded higher on the yuan devaluation. The yuan devaluated almost 2% against the U.S. dollar on Tuesday. The People's Bank of China set Tuesday's daily fixing at 6.2298 per U.S. dollar, down from 6.1162 on Monday.
A weaker yuan should help to boost the activity in the manufacturing sector and exports, which dropped 8.3% year-on-year in July.
Gold price was also supported be a deal on a third Greek bailout programme. The Greek government said on Tuesday that it reached a deal on the third bailout programme with its international lenders.
The European Commission has confirmed that a deal on a third Greek bailout programme has been reached.
"We have achieved an agreement in principle on a technical basis and talks are still ongoing on details… What we don't have at the moment is a political agreement and that's what we need," the European Commission spokeswoman Annika Breidthardt said on Tuesday.
She also said that deputy finance ministers from the 28 EU countries will hold a telephone conference today.
October futures for gold on the COMEX today rose to 1106.60 dollars per ounce.
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