Gold steady; platinum near 2-1/2 month high on strike notice

Image
Reuters SINGAPORE
Last Updated : Jan 21 2014 | 6:25 AM IST

SINGAPORE (Reuters) - Gold was just below a six-week high on Tuesday amid subdued activity in the stock markets and on the data front, while platinum was near the strongest in 2-1/2 months as strikes were set to begin this week at the top producers.

FUNDAMENTALS

Spot gold was nearly unchanged at $1,253.35 an ounce by 0024 GMT, not far from its six-week peak of $1,259.85.

Platinum was at $1,459.25, down slightly after sharp gains in the previous session that took it to $1,469.50 - its highest since October 31.

The main trade union for South African platinum miners said it will strike from Thursday at the world's top three producers, hitting over half of global output.

Chinese gold imports, the lone bright spot in an otherwise disastrous year for bullion in 2013, look set to fall from last year's record levels, adding to pressure on gold as analysts forecast a price decline for a second year.

Osisko Mining Corp rejected an unsolicited C$2.6 billion takeover bid from rival Goldcorp Inc , saying the offer was financially inadequate and not in the best interests of its shareholders.

South African gold producers said they had received notice from the Association of Mineworkers and Construction Union of its intention to strike on Thursday, adding the companies will seek to halt the action in the courts.

(Reporting by A. Ananthalakshmi; Editing by Ed Davies)

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 21 2014 | 6:13 AM IST

Next Story