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Manchester Attack Sees Asian Stocks Fall, Gold Firm

by Mark O’Byrne, Gold Core:

The appalling attack in Manchester overnight in which over 22 people have been killed has led to a slight uptick in risk aversion in markets.

Investors are cautious after police said they were treating a bombing at a concert in the Manchester Arena as a “terrorist incident”.

Asian stocks gave up gains after the attacks and European indices had a subdued start.

Gold rose in the aftermath of the attacks to three week highs prior to giving up some of the gains by mid morning trading.

Sterling fell marginally and gold in sterling terms rose as high as £973.55 prior to consolidating near £970. Sterling was down 0.2 percent against the dollar to $1.2978 after falling 0.3 percent on Monday.

If the blast is confirmed as a terrorist incident, it would be the deadliest attack in Britain by militants since four British Muslims killed 52 people in suicide bombings on London’s transport system in July 2005.

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