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.”


Visa says over 5 million payments affected by June outage

Updated 19 June 2018
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Visa says over 5 million payments affected by June outage

LONDON: Payment systems giant Visa said Tuesday that a massive technical glitch earlier this month had affected 5.2 million card transactions, almost half of which were in Britain.
Visa, revealing the details in a letter to a British parliamentary committee that is probing the matter, said the “rare” disruption prevented many cardholders form making payments in Europe for 10 hours on Friday June 1.
And the company apologized “unreservedly” for the failure and outlined plans for a compensation scheme.
“Overall, for cards issued both in the UK and elsewhere ... 51.2 million Visa transactions were initiated and sent to Visa’s European systems for processing,” wrote Visa Europe chief executive Charlotte Hogg.
“Of these, 5.2 million failed to process correctly,” she added in the letter to Treasury Select Committee chair Nicky Morgan.
The outage was caused by a “very rare partial failure” of a switch in one of Visa’s data centers, Hogg added. It has since been fixed.
Visa said there were 27.6 million transactions made in the UK during the disruption, of which 2.4 million failed to process properly.
“At its peak, the disruption affected people in the midst of returning home from work, socializing in restaurants and pubs, and doing end-of-day shopping,” Hogg said in the letter published Tuesday.
“We take seriously our important role in supporting financial stability in the UK.
“A disruption to our processing that impacts consumers at any time is unacceptable, let alone during a busy Friday afternoon,” she added.
“We apologize again unreservedly to everyone who was affected by the incident,” Hogg said.
“Visa, together with our financial institution partners, has quickly implemented a compensation program for cardholders.”