There is light at the end of the tunnel for South African consumers. All the local banks are expected to follow Standard Bank’s example shortly and start lowering their lending criteria for households, which could lighten the heavy financial burden of households considerably.

Since mid-2005 banks have raised their lending criteria. The National Credit Act introduced in July 2007 has also severely hampered the borrowing capacity of households. Over a two-year period the South African Reserve Bank also increased its repo rate to banks from 7% to 12% in 2008, resulting in the prime overdraft rate increasing from 10,5% to 15,5%.

Banks and other financial institutions previously encouraged people to use their so-called home equity to improve their lifestyle. This trend came to an end last year and in many instances it was reversed when property values started declining as a result of the downswing in the house market.

Gold eased on Wednesday, giving up earlier gains, as the dollar recovered losses against the euro after U.S. durable goods data failed to impress, tempering appetite for the metal as an alternative asset.

But prices remained rangebound as traders awaited clearer direction from the currency markets.

Spot gold was bid at $941.80 an ounce at 1523 GMT, against $943.55 an ounce late in New York on Tuesday. Earlier it rose as high as $949.85.

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange were down $1.8 at $944.20 an ounce.

“We are probably going to stay fairly rangebound,” said Standard Bank analyst Walter de Wet. “We would have to see some decent dollar weakness for gold to move above $956-960.”

The dollar rose versus the euro and a currency basket, reversing early losses, after durable goods numbers from the United States.

The data showed June orders for durable goods, excluding transportation,

Gold slid more than 1 percent on Monday as a stronger dollar dented interest in the metal as an alternative asset, with investors buying the currency as a safe store of value amid fears over the economic outlook.

Strength in the U.S. unit kept most dollar-priced commodities under pressure as it made them more expensive for holders of other currencies, analysts said.

Spot gold was bid at $921.20 an ounce at 1507 GMT, against $932.30 an ounce late in New York on Friday.

U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange fell $9.70 from Thursday’s close to $921.30 an ounce.

“There is a sell-off with the dollar strength,” said Standard Bank analyst Walter de Wet. “Gold is holding up quite well, compared to the other commodities. At these levels, we might see some physical buying.”

He said while this may lend support to prices, a break of the $920-922

Gold fell to a one-week low on Tuesday, dropping sharply as the dollar strengthened broadly and crude oil prices tumbled, reducing the metal’s appeal as an inflation hedge.

Spot gold was bid at $925.20 by 1520 GMT after hitting an intra-day low of $922.60, the lowest since June 24. Earlier it hit a high of $944.70.

The precious metal reversed earlier gains when the dollar, which has been under pressure, gained against a basket of currencies after U.S. consumer confidence data.

“Obviously, in these days where everything is linked together, from crude prices to the price of gold, any change to people’s view of the economy and inflation expectations will cause a reaction,” said Ole Hansen, an analyst at Standard Bank.

Adding to the bearish signals for gold prices, crude oil dropped nearly 3 percent.

While investing in gold is usually seen as a hedge against risk, a strengthening dollar makes it relatively more expensive for holders

Gold rose above $942 per ounce on Monday, strengthening as the dollar turned lower against six major currencies with slight caution toward riskier assets also proving supportive.

Gold was at $941.75 per ounce at 1256 GMT, up from $938.05 quoted late in New York on Friday. The precious metal earlier hit an intra-day high at $942.50 but is some way off a two week high of $948.20 hit last Friday.

A cautious approach to risk kept global stock market gains in check, while crude held under $70 per barrel following a bearish report on demand from the IEA, sapping gold’s appeal as a hedge against oil-induced inflation.

Analysts said the precious metal was holding onto gains but lacking upward momentum as currency markets would be indecisive until U.S. non-farm payroll data was released on Thursday.

“The dollar is going to be critical, and as long as it continues to weaken that tends to mean that gold

The base metals were mixed on Wednesday. Copper ran at $2 again, and again was turned away at $1.98 right around noon, after which it fell to finish at $1.9483/lb., down a quarter-cent.

Nickel was down in the pre-dawn hours but rallied through the rest of the day, closing at $4.8368/lb., up 5¼ cents. Zinc was sharply higher through most of the day, ending at its intraday high of $0.603/lb., up a penny. Aluminum was modestly higher, adding a quarter-cent to $0.652/lb., while lead was modestly lower, shedding a half-cent, to $0.5956/lb.

Copper continues to struggle to close over $2, carding a fractional loss yesterday after it fell short of what is proving a formidable barrier once again.

Analysts said the metal’s run early in the day followed the stock market. “A little bit of buying has crept through on the back of the Dow,” said James Roberts, of Sucden

Gold rose in Europe on Friday, building on the previous session’s near 3 percent gains, as Wall Street’s slide to 12-year lows curbed appetite for equities and the dollar tumbled ahead of U.S. jobs data later this session.

Investors spooked by volatility in other assets such as currencies and equities are buying the metal as a safe store of value, analysts said.

Spot gold climbed to $938.80/939.80 an ounce at 1014 GMT from $932.00 late in New York on Thursday. Earlier it touched a high of $941.90.

“Gold is considered in the first instance at the moment an insurance premium and a safe haven,” said Commerzbank analyst Eugen Weinberg. “It is the equity markets and risk aversion that are moving the market.”

The precious metal rose on Thursday as U.S. stocks tumbled to 12-year lows after General Motors said it was facing

Firm investment demand outweighs weak jewelery buying… Euro weakens on euro zone outlook… Oil prices tumble nearly 10 percent…

Gold swung into the black on Tuesday, rising more than 2 percent to a one-week high of $855.75 an ounce, amid market talk of a large order.

Firm investment demand for gold as a haven from risk is fueling buying of the precious metal, analysts said.

Spot gold was quoted at $853.00/855.00 an ounce at 1228 GMT, up from $834.55 late on Monday. Earlier it touched a low of $822.90, down more than 1 percent.

Standard Chartered analyst Daniel Smith said strong investor flows into products such as exchange-traded funds as investors sought more secure assets were offsetting weaker jewelery demand.

“People are slowly building long positions in gold and commodities more generally,” he said.

Gold managed shrugged off early weakness linked to a

Gold was firmer on Monday, tracking a climb in crude oil prices on the back of burgeoning tensions in the Middle East, although it retreated from earlier highs as oil gave up some of its gains.

Weakness in the dollar is also supporting gold, while a slide in the value of sterling to a record low versus the euro helped to take the precious metal to a new all-time high when priced in British pounds, according to Reuters data.

Spot gold reached a session high of $889.55 an ounce, its strongest level since Oct 10, but eased to $875.20/877.20 by 1422 GMT from $866.80 late in New York on Friday.

In sterling terms, gold hit a new all-time high of 605.07 pounds an ounce, up from 592.40 pounds on Friday. U.S. gold futures for February delivery climbed $6 to $877.20.

“Gold is following

Dollar tanks as Fed cuts interest rates to 0-0.25 pct… Oil traders eye OPEC production decision * SPDR Gold Trust bullion holdings rise again… Gold edged down in Europe on Wednesday as traders took profits after the previous session’s 2 percent gains on the back of a larger-than-expected interest rate cut from the U.S. Federal Reserve.

The market is awaiting fresh direction from the crude oil market, which rose ahead of an expected production cut from the Organization of the Petroleum Exporting Countries (OPEC).

Spot gold was quoted at $855.60/857.60 an ounce at 1024 GMT, little changed from $857.35 an ounce late in New York on Tuesday. U.S. gold futures for February delivery were up $14.70 at $857.40.

Gold is likely to consolidate after recent sharp moves, analysts said.

“We have jumped so much in a relatively short period of time without