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\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" * Gold up in sharp late-session rally on fund buying * Bullion breaches technical resistance * Platinum hits 5-month high on S. African supply concerns * Coming up: U.S. weekly jobless claims Thursday By Frank Tang and Jan Harvey NEW YORK\/LONDON, Feb 22 (Reuters) – Gold jumped to a three-month high on Wednesday, reversing early […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8220","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8220"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8220\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}* Gold up in sharp late-session rally on fund buying\n * Bullion breaches technical resistance\n * Platinum hits 5-month high on S. African supply concerns\n * Coming up: U.S. weekly jobless claims Thursday\n\n\n By Frank Tang and Jan Harvey\t\n NEW YORK\/LONDON, Feb 22 (Reuters) - Gold jumped to a\nthree-month high on Wednesday, reversing early losses\nafter bullish technical factors triggered fund buying, and\nplatinum prices hit their highest in five months on supply\nworries.\t\n Platinum outperformed gold's 1 percent gain, rallying 2\npercent on the prospect of shortage driven by a labor dispute in\nSouth Africa, the world's top platinum producer. \t\n Bullion turned positive late in the session and accelerated\nupwards once it breached technical resistance near $1,765 an\nounce, an important area on price charts where two rallies\nfailed since December.\t\n \"We are seeing all the funds step in. It (technical buying)\nis the only thing at the moment that we can pin it on,\" said\nFrank McGhee, head precious metals trader at Integrated\nBrokerage Services LLC.\t\n Spot gold was up 1.1 percent at $1,777.98 an\nounce by 3:13 p.m. EST (2013 GMT), having earlier hit a\nthree-month high of $1,781.40. \t\n Rick Bensignor, chief market analyst at Merlin\nSecurities, said gold's rally to three-month high triggered\npre-established orders to buy on the way up to stop losses as\nwell as enter positions to capitalize on the momentum. \t\n However, he added that gold is not far from a near-term\npeak between $1,780 and $1,805 an ounce. \t\n \"Gold's counter-trend model suggests that this...is not\nnecessarily a true breakout,\" Bensignor said. \t\n U.S. gold futures for April delivery settled up\n$12.80 an ounce at $1,771.30, with trading volume largely\nin line with its 30-day average, preliminary Reuters data\nshowed. \t\n Gains in crude oil and grain prices, and rising\ngeopolitical tensions between Iran and the West also lent\nsupport to gold. \t\n Bullion has benefited from expectations for further easing\nby China and news China's central bank might have bought gold to\nadd to its reserves also improved sentiment.\t\n The metal already received a strong boost after the U.S.\nFederal Reserve last month said it would keep rates near zero at\nleast until late 2014. \t\n\t\n PLATINUM HIT FIVE-MONTH HIGH\t\n Meanwhile, platinum prices rallied to a five-month high at\n$1,723.50 an ounce, lifted by ongoing labor unrest at one of the\nworld's biggest platinum mine Rustenburg in South Africa owned\nby Implats Platinum.\t\n Bill O'Neill, partner of commodities\ninvestment firm LOGIC Advisor, said that the supply woes are\nlikely to exacerbate platinum's market deficit in 2012, and the\nprice of platinum could exceed that of gold very soon. \t\n Spot platinum was up\n 2 . 1 percent at\n$1,71 9 . 77 an\nounce . \t\n Platinum narrowed what has been an historically\nunprecedented discount to gold to around $40 from $230 in\nJanuary. Platinum traded as low as $1,340 an ounce on Dec.\n29. \t\n \n \t\n Implats, the world's No. 2 platinum miner behind Anglo\nAmerican Platinum, has warned customers that its April\nplatinum deliveries would be down by a half. \t\n Among other precious metals, silver was\n up 0. 2 percent at\n$34. 35 an ounce , spot\npalladium was up 1. 3 percent at\n$71 7 an ounce. \t\n 3:13 PM EST LAST\/ NET PCT LOW HIGH CURRENT\n SETTLE CHNG CHNG VOL\n US Gold APR 1771.30 12.80 0.7 1750.70 1783.40 157,769\n US Silver MAR 34.254 -0.175 -0.5 33.900 34.495 57,865\n US Plat APR 1720.80 35.90 2.1 1689.00 1729.00 11,413\n US Pall MAR 717.75 7.00 1.0 708.25 724.40 5,032\n \n Gold 1777.98 18.99 1.1 1750.00 1781.40 \n Silver 34.350 0.060 0.2 33.940 34.480\n Platinum 1719.77 35.78 2.1 1689.00 1723.50\n Palladium 717.00 9.28 1.3 710.00 719.72\n \n TOTAL MARKET VOLUME 30-D ATM VOLATILITY\n CURRENT 30D AVG 250D AVG CURRENT CHG\n US Gold 174,378 195,047 194,989 20.39 0.12\n US Silver 86,139 50,333 44,493 32.68 2.26\n US Platinum 12,076 7,466 7,475 21.32 0.05\n US Palladium 7,315 4,134 4,078<\/pre>\n