Nervous gold market
NZPA-Reuter London The price of gold slipped again on a nervous bullion market on Friday, and dealers fixed the metal at its lowest setting in London since September, 1979. In early trading the price of gold fell SUS3.SO to's322 an ounce, before moving up to $322.50 for the fix, when dealers set the marker price at which most contacts in the metal are made. The price of gold has fallen from just under $4OO an ounce at the start of the year. The slide has accelerated in the last two weeks and dealers said the market was very vulnerable to any speculative selling aimed at testing new lows The U.S. Secretary of State (Mr Haig) told the Senate Appropriation, subcommittee on Wednesday that the Soviet Union had sold a record 600
tonnes of gold in January to meet cash problems. The Middle Eastern states were also reported to have sold some of their stocks to meet deficits caused by the oil glut. Gold staged a minor recovery earlier last week, moving up from Monday’s New York low of $321,75 to $335 dollars by mid-week. Dealers said the latest decline was caused in part by conflicting reports about recent Soviet activity in the market.
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Press, 15 March 1982, Page 28
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206Nervous gold market Press, 15 March 1982, Page 28
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