Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures fell as signs of gains in the US economy eroded demand for the metal. Platinum dropped amid signs of progress in the labour dispute in South Africa, the world's biggest producer. Consumer confidence rose from a nine week low as Americans grew more upbeat about the economy, and jobless claims were close to the lowest in almost seven years, data showed last week.
The Federal Reserve Bank of Philadelphia factory index, a gauge of regional manufacturing, climbed to 16.6 in April, topping estimates by analysts. Gold dropped 1.9 per cent this week. In 2013, gold plunged 28 per cent, the most since 1981, as US equities rallied to a record and inflation remained muted. The slump ended a 12-year rally, the longest ever. Holdings in the SPDR Gold Trust, the largest exchange traded product backed by the metal, on Wednesday fell the most in four months to 798.43 tonne, the lowest since February 21. Platinum futures for July delivery dropped 0.6 per cent to close at $1,428.70 an ounce on the New York Mercantile Exchange. The price for immediate delivery fell as much as 1.5 per cent at 2:12 pm on Thursday.
Anglo American Platinum, Lonmin and Impala Platinum Holdings, South Africa's top producers, offered to more than double the wages of their lowest-paid workers within three years as a strike that has crippled operations entered the 13th week. Palladium futures for June delivery climbed 0.6 per cent to $807.10 an ounce on the Nymex. Silver futures for May delivery fell 0.2 per cent to $19.596 an ounce on the Comex.
