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Gold‚ platinums drag JSE down

Feb 15 2013 17:41 I-Net Bridge

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Johannesburg - The JSE closed the Friday session in the red with gold and platinum miners making substantial losses on the day‚ after prices of the metals retreated substantially.

At 17:00 the All Share [JSE:J203] index had lost 0.13% to 40 681.34 points‚ with the gold index plummeting by 4.83% and platinums tumbling 3.70%.

The platinum spot price shed 1.76% to trade at US$1‚678/oz at 17:00 local time‚ while the gold price had given back 1.39% to $1‚612.4450/oz at the same time.

On the international front European bourses were trading in the black with the London FTSE 100 index seen 0.20% firmer at 4.49pm local time‚ while the Dow Industrial index was seen flat (0.02%) at the same time.

On the local front gold miners were down on the lower price of the metal‚ which was attributed to talk out of the US Federal Reserve that it might reduce bond-buying‚ improving the inflationary picture there.

“Bond-buying causes higher inflation and investors normally buy gold to hedge against inflation. Now with the US inflation picture looking better‚ investors sold gold‚ which drove the price lower‚” the trader said.

On the JSE Anglo American (AGL) closed 1.88% firmer at R280.50‚ despite announcing on Friday a loss of $1.49bn in earnings for the year-ended December compared to a $6bn profit a year earlier.

Anglo Gold Ashanti (ANG) gave back 5.17% to R241.50‚ Gold Fields (GFI) lost 5.40% to R85.39 and Harmony (HAR) shed 4.82% to R61.15.

Impala Platinum (IMP) slumped 6.21% to close at R151 after releasing poor interim results on Thursday. Lonmin (LON) gave back 1.35% to close at R50.25.

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