SA gold shares slump to 13 month low

[miningmx.com] – SOUTH Africa’s gold index traded as much as 5% weaker on October 31 following a slump in the price of bullion, said Bloomberg News.

The price of gold fell as much as 2.6% to $1,167.49 an ounce its lowest level since July 30, 2010 as economic figures out of the US beat expectations, and China said it was probing a surge in precious metal imports.

“The factors that held gold for so long are no longer valid,’ Peter Major, a mining analyst at Cadiz Specialised Asset Management told Bloomberg News. Amid an acceleration in US growth, and a stronger dollar it was “… like pulling the legs from underneath a table’ for gold, said Major.

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