GOLD edged higher yesterday as a softer tone to the dollar helped to support prices, though continued outflows from bullion-backed funds showed investor sentiment remained weak as other assets like stocks rose. In London, gold was fixed at $1 161.75 an ounce (R417 785) in the afternoon, down $2.75 from Wednesday’s second fix.
A sell-off since October 31 has sent gold sliding below the key technical level of $1 180 an ounce to a four-and-a-half year low of $1 131.85.
Gold has since recovered modestly on short-covering, and demand for physical metal from price-sensitive buyers.
Silver was flat at $15.62 an ounce and fixed at $15.74, down 12c. Spot platinum lost 0.3 percent at $1 194.50 an ounce and spot palladium was down 0.3 percent at $768.75 an ounce. It fixed at $771, down $5 from Wednesday’s second fix.
Data from major producer South Africa showed platinum group metals output was down 17.6 percent in October. – Reuters