Gold hovers below $1,260

Gold rebounded from lows on Thursday as bargain hunters resurfaced after prices struggled to revisit a lifetime high set in June, although firmer equities were likely to cap gains.

Asian stocks edged up to track a small rally on Wall Street, while the euro gained after successful European bond auctions gave investors an excuse to lighten up on their bets, but worries about financial stability in Europe lingered.

Spot gold added $2.25 to $1,256.75 an ounce by 0535 GMT, after hitting a low of $1,252.80 an ounce in thin trade. Bullion had risen as high as $1,262.25 on Wednesday, not far from a lifetime high around $1,264 hit in June.

“I think sentiment is still bullish right now,” said Dick Poon, manager at Heraeus in Hong Kong. “The market is only consolidating.” Bullion was still on track to test new highs, he said.

Gold had struck a lifetime high on worries the debt crisis in Europe was spreading, while recent economic data from the United States failed to ease worries the economy was slowing.

The U.S. economy has shown “widespread signs” of slowing over recent weeks, the Federal Reserve said on Wednesday in a report suggesting that while the recovery has been faltering, the economy may skirt a second recession.

Dealers ignored declines in Chinese commodity futures, saying that bullion was partly driven by wild movements on the Tokyo Commodity Exchange, especially during the morning session.. The most active contract on the Shanghai Gold Exchange was barely changed.

Chinese commodity futures prices slid on Thursday in a widespread sell-off that several market participants linked to an investigation into trading on the Shanghai rubber market.

After the market opened, futures prices for zinc, copper, aluminium, soybeans, soyoil, soymeal and cotton all fell. By the midday break, all the main commodity futures were down by more than 1 percent.

U.S. gold futures for December delivery were steady at $1,258.2 an ounce. It had risen to $1,264.70, its highest since June 28, on Wednesday before losing some of the gains to profit taking.

“It looks like the market is a bit unstable or a bit mixed. There’s a big drop this morning but then the market surged again,” said a physical dealer in Singapore.

“We are seeing selling from Vietnam but Thai is mixed. I mean they are both buyers are sellers. Demand from India was strong yesterday.”

Demand in India, the world’s largest consumer, rises during the festive season, beginning with Raksha Bandhan in August and lasting through November with Dhanteras — the single-biggest gold buying day.

In the energy market, oil pared gains on Thursday to stay below $75 as Chinese commodity futures tumbled in a widespread sell-off. Precious metals prices at 0535 GMT
Source: Reuters

Ghana Pentecostal Council denounces attacks on Judiciary
The Ghana Pentecostal Council (GPC) on Wednesday expressed concern about the verbal attacks on the Judiciary following recent losses of high profile cases brought by the Attorney General against former officials in the erstwhile New Patriotic Party (NPP) administration.

A statement issued in Accra and signed by Apostle John Annan Addotey, President of the GPC and Apostle Samuel Yaw Antwi, General Secretary of the Council, said whilst the GPC believed every public official must account for his or her stewardship, the government should not pursue what might look like an agenda to jail their political opponents at all cost to please its followers.

The GPC said it particularly took exception to what was perceived as an ultimatum issued to the Chief Justice to purge the Judiciary, else the Executive arm of government would take it upon itself to do that.

“We are of the view that the call stands contrary to the tenets of the Fourth Republic Constitution and undermines the basic principles of good governance for which Ghana has become a beacon of good democracy on the continent of Africa.”

The GPC also said such statements had the potential 93to embolden rogue elements” in society to take the law into their own hands, the result of which would tarnish the image of the government and the people of Ghana.

The statement commended President John Evans Atta Mills for assuring the Judiciary of his commitment to respect its independence and further urged him to reassure the general populace of such commitment through his actions.

The statement also called on judges to perform their functions in such a way as to instil the confidence of the Ghanaian 93in this noble institution and administer justice to all without fear or favour, knowing that they are firstly accountable to God from whom justice emanates, secondly to the people of Ghana and finally to their own conscience”.

The GPC urged Ghanaians to be patient with the judicial process “which grinds slowly but surely”.

“We should avoid politicising every issue in the country since such acts further polarise the nation, a situation which the Council had earlier had cause to draw attention to,” the statement added.

Source: GNA

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