PRECIOUS METALS HIGHLIGHTS : Top Stories Of The Day
12/10/2012| 10:23am US/Eastern
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South Africa Postpones Hearing on Glencore, Xstrata Merger
JOHANNESBURG--A South African competition hearing on the merger between Glencore International PLC (>> Glencore International Plc) and Xstrata PLC (>> Xstrata PLC) was postponed until January, a court said Monday, to give the merging parties more time to respond to complaints raised by the country's largest electricity provider, Eskom.
MARKETS:
Precious Metals Extend Gains On Softer Dollar
Precious metals extend their gains in afternoon European trade, as the euro strengthens versus the dollar, improving the appeal of the dollar-denominated metals to investors holding the single currency. Spot gold is currently 0.6% higher at $1,715.77/oz, while spot platinum is up 1.1% at $1,622/oz, around its highest price in almost two months. Physical buying interest is a feature of Monday's market activity, says a London-based broker, noting that sentiment toward precious metals is improving ahead of the FOMC meeting this week. Still, gold must break above $1,725/oz for its outlook to turn particularly bullish, he adds.
Gold Confidence Not Permanently Hit-Standard Bank
1052 GMT [Dow Jones] The cracks in investor confidence toward gold may have "widened considerably," but the metal still looks well-supported going forward, says Standard Bank analyst Marc Ground. Fund managers last Tuesday slashed their net bet on higher gold prices by the largest margin since early March. "Despite the liquidations, we still feel that the prospect of continued monetary accommodation should provide support for gold over the medium-term," says Ground. "Coupled with fairly robust physical buying, we maintain that dips below the $1,700/oz level represent a good buying opportunity," he adds. Spot gold +0.3% at $1,709.23/oz.
Write to Hellen Kaffaf at hellen.kaffaf@dowjones.com
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