Sales curbs drive gold above $300
Wednesday 29 September 1999
Mining shares rose sharply across the world for the second successive day. The South African Gold Index leaped by 17 per cent and Australian gold shares gained 7 per cent. In London, shares in Anglo American were up 1.6 per cent.
"The agreement largely removes the single most damaging threat to the gold market, that of uncertainty of central bank sales," said Flemings Global Mining Group in a report. The 15 central banks said on Sunday they would limit annual sales to 400 tonnes for the next five years. The UK will still be able to go ahead with its sell-off of 415 tonnes, but will rake in more money than it expected. The next 25-tonne auction is on 29 November.
The UK gold sale announcement on 7 May sparked a massive sell-off, with the gold price reaching a 20-year low of $251.70 a month ago. Meanwhile platinum hit its highest level for 16 months, while copper and silver also rose.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...