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PRECIOUS-Platinum extends gains on South African strikes; gold firm
May 20, 2014 / 12:41 AM / 4 years ago

PRECIOUS-Platinum extends gains on South African strikes; gold firm

SINGAPORE, May 20 (Reuters) - Platinum extended gains to a
second session on Tuesday as labour strikes at top producer
South Africa continued into a 17th week, disrupting supply of
about 40 percent of global output.
    Gold held below $1,300 an ounce as a lack of major economic
data and significant developments in geopolitical tensions in
Ukraine kept investor interest muted.
    
    FUNDAMENTALS
    * Spot gold was steady at $1,293.04 an ounce by 0024
GMT. Platinum rose 0.3 percent to $1,468.00 after rising
0.5 percent in the previous session. Before that, the metal had
posted its strongest performance in six weeks. 
    * South African platinum miner Lonmin has lost a
third of its annual production due to the strike over wages
which its chief executive described as a "bleeding" that might
lead to the company's death if not stopped in time.
 
    * South Africa's longest and costliest mining strike turned
violent this month, with four miners killed as more employees
tried to report for work at the world's top platinum producers,
ignoring calls by the union to continue protesting.
    * In news on gold, the European Central Bank said it was
renewing a 5-year gold sales pact originally designed to limit
sales of the precious metal, but with no fixed ceiling for the
amount of bullion each signatory can sell. 
    * Barrick Gold Corp , the world's No. 1 gold
miner, has met with Chilean officials and is keen to move
forward with its suspended Pascua-Lama gold and copper project,
in which it has already invested more than $5 billion, Chile's
new mining minister told Reuters. 
    * Thai gold imports look set to stay weak after plunging to
a fifth of last year's levels, with investors shying away from
the metal amid prolonged political upheaval in the country.
 
    * For the top stories on metals and other news, click
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    MARKET NEWS
    * Global equity markets edged higher on Monday as Wall
Street rose on Internet and healthcare stocks, while declining
yields on government debt also initially provided U.S. equities
a lift. 
    
    DATA/EVENTS (GMT)
    0600 Germany Producer prices April 
    0800 Italy Industrial orders March 
    1145 U.S. Weekly ICSC chain store sales

    PRICES AT 0024 GMT    
 Metal            Last      Change   Pct chg
                                            
 Spot gold         1293.04     1.44     0.11
 Spot silver         19.35     0.03     0.16
 Spot platinum        1468        4     0.27
 Spot palladium        813      0.5     0.06
 Comex gold         1293.6     -0.2    -0.02
 Comex silver       19.365    0.012     0.06
 Euro                1.371                  
 DXY                 80.01                  
                                            
 COMEX gold and silver contracts show the
 most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Ed Davies)

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