MET­ALS

The Star Early Edition - - MARKETS -

GOLD stead­ied yes­ter­day as gains in the dol­lar pulled the metal down from ear­lier highs and over­all sen­ti­ment stayed with the bears as out­flows from bul­lion funds showed no sign of slow­ing.

Gold was fixed at $1 164.50 an ounce (R419 246a kilo­gram) in London yes­ter­day, R8 stronger than Tues­day’s fi­nal fix.

“The higher [in­tra­day] low yes­ter­day [on Tues­day] seems to have given gold a new lease of life, although no change in the over­all neg­a­tive sen­ti­ment will be seen un­less we make it back above $1 180,” said Ole Hansen, Saxo Bank’s head of re­search.

Mar­ket par­tic­i­pants were also di­gest­ing news that Swiss reg­u­la­tor Finma said it had found a “clear at­tempt” to ma­nip­u­late pre­cious met­als bench­marks dur­ing its in­ves­ti­ga­tion into pre­cious met­als and for­eign ex­change mar­ket trad­ing at UBS.

The metal hit a four-and-a-half year low of $1 131.85 last weak. There is strong re­sis­tance around $1 180, a key tech­ni­cal level that gold has been be­low since Oc­to­ber. – Reuters

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