The safe haven status that gold holds in the investment world has obviously not lost its appeal. The price of the precious metal has jumped almost $30 an ounce over the past two days with gold futures for December delivery yesterday up a further 1.3 per cent to $1,122 a troy ounce amid growing speculation that the Federal Reserve would now postpone raising US interest rates in response to China’s surprise decision to devalue the yuan by 3.8 per cent over the past couple of days.

Chris Beauchamp, senior analyst at IG Group, said: ‘A weakening yuan hits US exports to China, putting the brakes on US economic growth.’

Reflecting the strong rally in the gold price, Randgold Resources jumped 214p to 4166p. Other miners moved in the opposite direction as a weakening yuan hits exports to China by crimping the dollar-buying power of Chinese importers. China is one of the world’s biggest importers of metals and other commodities. It accounts for 45 per cent to 50 per cent of global metal demand so a weaker yuan also makes commodities more expensive to import. Glencore fell 10.8p further to a year’s low of 180.2p.

Luxury goods group Burberry, which sells extensively in China, lost 54p more to 1482p.

British Airways owner International Consolidated Airlines Group shed 24p to 525.5p after broker Kepler Cheuvreux downgraded to hold from buy.

The firmer gold price and news that revenues and profits were all up in the first-half of 2015 helped Centamin climb 6.1p to 60.75p. Shareholders could also celebrate an 11 per cent increase in the interim dividend to 0.97 cents per share.

Buyers chased Tracsis 10p higher to 450p after a positive trading update. The provider of software and technology-led products for the transport industry says full-year results are expected to exceed both the previous year and market forecasts.

Pure Wafer jumped 34p, or 27 per cent, to 161.5p after broker WH Ireland lifted its target price to 178p from 148p. It followed the board’s promise to return funds of between 140p and 145p a share to shareholders after settling an insurance claim following a December 2014 fire at its premises in Swansea.

Sellers were all over Utilitywise like a rash and the close was 33.25p, or 15pc, lower at 186.25p. The board warned that full-year earnings will be slightly below expectations and deputy chief executive Andrew Richardson announced he is stepping down to pursue other interests. Broker Shore Capital says looking at the group’s long-term development potential, the shares are a buy.

Active Energy slipped 0.62p, or 10 per cent, to 5.62p after the wood chip provider warned its full-year results will be hit by a temporary spike in timber prices and some production line difficulties. However, both problems have now been resolved and the group is very optimistic about long-term prospects.

Kibo Mining, the Tanzania-focused mineral exploration and development company, firmed 0.25p to 4.38p after a final report of the Phase 2 of the Mining Pre-Feasibility Study at Kibo’s coal to power project.

Nanoco, the world leader in the development and manufacture of cadmium-free quantum dots, rose 2.25p to 73.25p after an upbeat pre-close trading update. The board reported significant progress both in the commercialisation of its technology and the company’s organisational development. The commercial relationship with The Dow Chemical Company continues to make progress and Nanoco received a £1.3million milestone payment from Dow in the first half of the year on the signing of a customer agreement between Dow and LG Electronics.

Shares in Hornby were relisted on AIM and soon left the opening price of 95p behind. Buyers nibbled away and the close was 105.5p. The firm raised £15million in a placing in June which was used to repay part of existing bank debt and invest in the company’s future. Chief executive Richard Ames said: ‘The move to AIM and our revised banking facilities, all provide us with a stable platform to address the next stage of the turnaround plan. This year will be another one of transition and investment.’

Cineworld held rock steady at 548.5p ahead of today’s figures. Dealers will hope to hear that the board has found a replacement for well-respected finance director Philip Bowcock, who left in June. As far as fundamentals are concerned, the film schedule for the remainder of the year looks good: the final Hunger Games film comes out in November, and the new Star Wars film hits the screens in December.

Read more: http://www.thisismoney.co.uk/money/markets/article-3195597/MARKET-REPORT-Scared-investors-going-gold-price-precious-metal-jumps-China-s-surprise-yuan-devaluation.html#ixzz3jIGCGg3L