News Column

METALS

February 11, 2014



Gold surged yesterday after a weak US jobs report last week raised questions over the economic recovery, which may slow the pace of the Federal Reserve's stimulus tapering.

Gold was fixed at $1 277 an ounce (R457 043 a kilogram) in London yesterday afternoon, up $17.75 from Friday's second fix. Spot gold gained 1.9 percent last week. US gold futures for February delivery were up $11.20 to $1 274.10 an ounce.

Technically, prices broke above the 100-day moving average of $1 267 an ounce and the next target was the 200-day moving average at $1 307, Standard Bank analyst Walter de Wet said.

Consumer demand in China, the biggest bullion consumer, topped 1 000 tons for the first time last year, an industry body said yesterday. However, demand is expected to drop slightly this year.

China's gold output last year also reached a record high of 428.16 tons, making it the biggest producer for a seventh consecutive year. - Reuters

Pretoria News


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Source: Pretoria News (South Africa)


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