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Wednesday, July 18th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

South African Stock Exchange Still Flat

The South African JSE ended flat on Monday, with gold stocks proving the main drag on the market – falling despite a strong bullion price.

Andrew Tood, an equity derivatives trader at Imara SP Reid, said that the stronger rand also helped to keep a lid on gains in resources. The rand was at R6.73 to the dollar, compared to R6.72 at close of Friday.

Gold was at $1,551.89 a troy ounce, a move from $1,537.66 an ounce at the previous close of the JSE. Platinum was at $1,825.50 an ounce, from $1,813.50.

The JSE all-share index was flat at 17:00 local time. Gold miners slid 1.26 percent, platinum dropped 0.42 percent, while resources rose 0.23 percent.

Todd added that investors are remaining skittish, given the recent US data. The spotlight is still on US economic reports that have caused a stir among investors who are nervous about the forecast for growth in the world’s largest economy. And without any other major financial news and no major event on the corporate calendar, there is little to offset the worries over the US economy.

According to Dow Jones Newswires, US blue-chips stocks moved lower in Monday trading, with investors cautiously awaiting news, including the Apple developer conference.

The blue-chip Dow Jones Industrial Average is moving out of its longest weekly losing streak since 2004, with investors reining in their growth expectations. In morning trade, the Dow Jones Industrial Average slipped 51 points, 0.4 percent, to 12,010.

“We probably have a few more weeks to go of this bounciness before we get resolution,” said Ron Florance, Wells Fargo Private Bank managing director of investment strategy and asset allocation, “given factors like the weak data, gas prices and the Greek debt crisis.”

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