MET­ALS

The Star Early Edition - - MARKETS -

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

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