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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

(3333)
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Gold prices firm as softer dollar, Evergrande woes lift appeal

09/24/2021 | 12:29am EDT

* UBS sees gold price at $1,600/oz by mid-2022

* Platinum heads for biggest weekly gain in six

Sept 24 (Reuters) - Gold prices bounced off 1-1/2-month lows on Friday, buoyed by safe-haven demand as investors grew wary over cash-strapped China Evergrande's fate while a softer dollar also lifted the metal's allure for holders of other currencies.

Spot gold was up 0.6% to $1,753.50 per ounce by 659 GMT. Prices hit their lowest level since Aug. 11 at $1,737.46 on Thursday. U.S. gold futures rose 0.3% to $1,754.40.

The dollar index lingered near a one-week low touched on Thursday.

"Asian investors could be building gold to protect against undesirable developments in the Evergrande saga over the weekend," said Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA, adding the metal was likely to trade in a $1,740-$1,780 range in the near term.

Asian stock markets were on edge, hurt by persistent uncertainty around the fate of debt-ridden China Evergrande .

Peter Fung, head of dealing at Wing Fung Precious Metals, said uncertainty around Evergrande's debt also spurred demand for physical gold in top consumer China, near the $1,750 level.

However, bullion prices were expected to come under pressure in the medium term with major central banks signalling tapering of pandemic-era stimulus, analysts said.

The U.S. Federal Reserve signalled an earlier-than-expected rate hike this week.

"We anticipate greater outflows from ETFs and non-commercial gold futures," UBS wrote in a note, adding it expected gold prices at $1,600 by mid-2022.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to the lowest level since April 2020 on Thursday.

Silver climbed 0.9% to $22.68 per ounce and was up 1.2% for the week so far.

Palladium rose 1.1% to $2,005.68 but was on track for a third straight weekly decline.

Platinum slipped 0.7% to $982.50. The metal, however, was headed for a weekly gain of about 4%, its biggest in six weeks. (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Subhranshu Sahu)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -4.12% 2.56 End-of-day quote.-82.82%
GOLD -0.24% 1789.668 Delayed Quote.-4.75%
SILVER -0.35% 24.0522 Delayed Quote.-6.81%
UBS GROUP AG 1.25% 16.565 Delayed Quote.32.84%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 547 B 70 383 M 70 383 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 467 M 45 467 M
P/E ratio 2021 14,0x
Yield 2021 1,48%
Capitalization 33 795 M 4 346 M 4 346 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
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China Evergrande Group Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA EVERGRANDE GROUP
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 2,56 HKD
Average target price 11,13 HKD
Spread / Average Target 335%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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