GOLD,SILVER & PRECIOUS MARKET WRAP

The price of gold has become one of the dominant themes in global markets over the past couple of years as the financial crisis unravelled. The Gold wrap reports on the latest trends in the price of the precious metal as well as factors influencing the demand for the safe haven asset.

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Gold and platinum give back some gains

January 16 2013, 3:52pm
Gold and platinum give back some gains

 

Gold ran into some light taking profit taking, while platinum also edged lower as yesterday’s retrenchment proposals from Anglo American sparked a wave of industrial action.

Spot gold eased US$1.77 to US$1,677.99, while platinum shed US$6 to US$1,672.

Gains for the dollar were partly to blame for the weakness in gold said traders. The two tend to move in opposite directions. 

Not even news that the German government intends to repatriate more of its gold reserves could provide much support.

The government will move half of its gold reserves under Bundesbank control by 2020, removing some from New York and all from Paris, it said.

Meanwhile, reports suggesting the amount of platinum production Anglo American is removing may be less than the 400,000 ounce headline figure also prompted some profit taking in the white metal.

UBS suggested that given some of the mines earmarked for closure are already operating at well below capacity, the actual reduction may be around 250,000 ounces.

Strikes have already started at some of the mines earmarked for closure, while the South African government again said today it had not been told about the deep cuts planned by the miner.

Silver fell US$0.49 to US$31.3.

Major movers

Randgold Resources (LON:RRS) up 5p at 5,895p

Afrcian Barrick Gold (LON:ABG) up 7.3p at 347.5p


 


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