[miningmx.com] – SHARES in South African gold companies ended several days of gains as investors with long positions in gold took profits, said Bloomberg News.
The newswire said economic and financial distress in China had helped gold gain 4.5% over the last four days – its largest increase in value for a year. A stronger dollar also reduced demand for an alternative investment before US jobs data, it said.
“Calmer markets in China and stabilization in the yuan have resulted in gold longs taking profit,’ Georgette Boele, an analyst at ABN Amro Bank told Bloomberg News. “Palladium recovered on the same dynamics.”
Shares in Harmony Gold were 7% lower on Friday whilst Sibanye Gold and Gold Fields were 1.9% and 2.9% weaker.
Bullion for immediate delivery declined 1.1% to $1,097.24 an ounce on Friday morning in London.
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