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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Singapore - Gold bounced on bargain hunting on Tuesday, with sentiment still underpinned by Europe's debt crisis and record high ETF holdings although it struggled to revisit last week's all-time high.
Investors will closely watch debt auctions by France and Spain later this week after tepid demand for Italy's sale of
€7bn of government bonds on Monday highlighted lingering worries about eurozone debt troubles.
Spot gold rose $2.55 to $1 238.60 an ounce, having risen as high as $1 262.45 an ounce on Monday, just below a record around $1 264 struck on June 21, before losing much of the gain to a bout of profit-taking.
"Gold is likely to remain pretty well supported in the current quarter. Safe-haven demand for gold remains prominent," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney, adding that Monday's decline did not represent a fundamental change in gold views.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings were unchanged at a record high at 1 316.177 tonnes.
US gold futures for August delivery added $3.1 an ounce to $1 241.7 an ounce, having hit a high around $1 263 on Monday - its strongest price since last Monday's all-time high at $1 266.50.
Gold has struck a record because of worries the sovereign debt crisis in Europe could spread and the US economy is slowing, but some analysts felt the metal was vulnerable to profit-taking whenever it rose towards the peak.
"Hence, a cautious investor should carefully weigh the upside potential against the downside risks and not be blinded by gold's glittery charm," said Ong Yi Ling, investment analyst at Phillip Futures.
The euro was under pressure on Tuesday as funding concerns about the eurozone drove investors to the safe-haven Swiss franc. Investors were getting a bit wary about growth-linked currencies and the euro amid festering problems in the eurozone.
The Nikkei rose 0.3% on Tuesday after posting a two-week closing low the previous day, shrugging off declines in US stocks.
Oil was steady above $78 on Tuesday as forecasts indicated that tropical storm Alex would skirt the main production region in the US Gulf of Mexico, limiting disruption there to a few precautionary closures.
- Reuters