Gold loses shine as price hits four-month low

Gold prices fell to a low of $1,253.56 on Thursday. (Reuters)
Updated 08 December 2017
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Gold loses shine as price hits four-month low

LONDON: Gold slid to its lowest in four months on Thursday as a bounce in the dollar sparked by optimism over US tax reform plans sent the metal out of its recent narrow trading range.
Prices had been hemmed between $1,265 and $1,300 an ounce since mid-October as a series of record highs in stock markets pulled investment interest from bullion while traders also awaited an expected increase to US interest rates this month.
Gold broke out of that range this week, extending losses after slipping below its 200-day moving average at $1,267. The price on Thursday touched its lowest since Aug. 8 at $1,253.56 an ounce.
“We’ve had a (breakdown) of support at $1,260, which is a key level,” said ActivTrades Chief Analyst Carlo Alberto de Casa. “From a technical point of view, many traders had stop-losses just below $1,262, and today the market is going down for this reason.”
Strength in the dollar is feeding into this, he said, adding: “That the US dollar is recovering isn’t very welcome for the commodities market.”


Audi fined $925 million in Germany over diesel emissions

Updated 9 min 4 sec ago
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Audi fined $925 million in Germany over diesel emissions

FRANKFURT, Germany: German authorities have fined luxury automaker Audi €800 million ($925 million) for selling cars with excessive diesel emissions.
Prosecutors in Munich said Tuesday that the fine was imposed because Audi neglected its oversight duties in selling cars with engines made by it and group partner Volkswagen that did not conform to legal limits on harmful emissions. The case covered some 4.9 million Audi cars sold in Europe, the US and elsewhere between 2004 and 20018.
In September 2015 parent company Volkswagen admitted rigging some 11 million diesel autos with software that enabled them to pass emissions tests even though emissions in real driving were much higher.
The prosecutors’ statement said the resolution of the case did not affect an investigation of individual Audi executives.