Loading...
See More

Gold firms fall on Greece bond plan

Dec 03 2012 16:51 Reuters

Related Articles

Gold above $1 750

Gold tops $1 730/oz as stocks rise

Gold stocks weigh on JSE

JSE softer after rally

Miners‚ resources drive JSE rally

Gold stocks lead JSE firmer

 
Johannesburg - Prices of South Africa's largest bullion producers plummeted after Greece said it would buy back bonds worth €10bn to check its ballooning debt and unlock billions more in aid.
 
Uncertainty in the euro zone has meant that investors have relied on gold as a safe haven, and avoided taking on riskier assets.
 
"It looks like Greece are going to have a bond buy back, which will help things a lot," says Nick Kunze, a director at Terrassen Capital Management in Johannesburg. "All of a sudden gold doesn't have the same lustre."
 
The strengthening rand is also feeding into gold miner's general weakness, Kunze said. The rand has gained 0.87%. A weaker rand is a positive for gold miners, as they sell gold for dollars but pay expenses in rand.
 
Gold Fields was down 3.8%, AngloGold Ashanti has lost 2.7%, while Harmony was 1.9% softer.
greece  |  rand  |  commodities  |  gold
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...