Business Day reports with turmoil in the US Banking industry, commodity markets diverged causing gold to gain by more than 2%. As Lehman Brothers filed for bankruptcy protection and Bank of America Corp agreed to acquire Merrill Lynch for $50bn, the dollar lost 2% against the yen, sparking talk of a US rate cut and potentially [...]
allAfrica.com(Sept 11th) reports The Reserve Bank did not pay the gold producers for deliveries made in June 2008, which amounts to US$25 million. In a correspondence written to Misheck Sibanda-chief secretary to the president and cabinet two weeks ago, disgruntled gold producers appealed for an urgent intervention from government to speed up payments by Fidelity [...]
MarketWatch reports gold futures fell as the dollar rises against the euro for the 9th day. Gold for December delivery fell $19, or 2.5%, to $743.50 an ounce on the Comex division of the New York Mercantile Exchange. Earlier it fell to $739.80, the lowest price since last October. Mark O’Byrne, Executive Director at Gold [...]
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