GOLD
Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.
Gold Rally Stalls After Hitting $1,155 on Wednesday, London’s Gold Equities Slide With Exception of a Few Juniors
Gold prices have eased somewhat overnight after Wednesday saw another strong session in which the yellow metal hit yet another new high, as futures raised the bar to $1,155. A slight rebound in the dollar, sparked a phase of selling, with many commentators pointing to profit taking as the primary force to the downside.
In electronic trading on the Chicago Mercantile Exchange, Globex futures have traded lower all morning, with the December contract last changing hands at $1,135.
Also this morning, the World Gold Council (WGC) said that demand for gold is likely to remain well supported by continued economic and currency uncertainty, inflation concerns and the search for diversification.
According to the industry’s lobbying group, central banks were likely to "diversifying their dollar exposure in favour of the proven store of value represented by gold". In its quarterly report, The WGC said that total identifiable gold demand reached 800.3 tonnes in the third quarter of 2009. With a value of approximately $24.7 billion, global gold demand was up 15% from the previous quarter.
In summary of recent trends in the gold market, the US Dollar’s influence appears clear. For months, the gold market has persistently fed off US dollar weakness, many analysts and commentators now see $1,200 gold in 2009 as a real possibility.
On the London Stock Exchange the waning gold rally has affected most miners and explorers with most gold companies falling on Thursday morning, although a hand full of juniors have managed to push higher this morning. International gold mining major Randgold Resources (LSE: RRS) dropped more than 2% to trade at £48.90, while Petropavlovsk (LSE: POG) was also weak, losing almost 1.5%. Canada based Yamana Gold (LSE: YAU) was practically unchanged on the day.
On the AIM market a number of junior exploration stocks moved against the wider trend and have been trading in positive territory. Algerian focused GMA Resources (AIM: GMA) led the way rising over 3%, Medusa Mining (AIM: MML) followed as the Philippines-focused explorer climbed over 2.5%. Also among the risers was Norseman Gold (AIM: NGL) who added 1.5% to yesterday’s closing price.
Other GOLD articles
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13/11/09 Vietnam lifts ban on gold imports to stabilise domestic market
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24/10/09 African gold developers and producers are benefiting from increased investor interest
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13/10/09 Gold yet to test record highs against other currencies, including Rand and Australian Dollar
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11/09/09 Exeter Resources, Norseman Gold, Sino Gold and Osisko among best performing gold stocks
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01/08/09 Central Bank dollar holdings - good for gold, bad for dollar?
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30/07/09 Patagonia Gold, Pan African Resources, Norseman Gold, Medusa Mining and Minera IRL among top 100 best performing gold stocks
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09/04/09 Gold at Inflection Point?
Other GOLD news
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18/03/10 Gold flat as US dollar pares gains on US data, mining stocks mixed
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17/03/10 Gold extends gains as Fed leaves low interest rates unchanged, mining stocks climb in London
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16/03/10 Gold rallies ahead of Fed interest rates decision, mining stocks rise in London
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16/03/10 Gold Hedge Book falls to 236 tonnes
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15/03/10 European Monetary Fund talks keep gold at $1,100, mining stocks fall in London
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13/03/10 Gold ends week at $1,100 as US dollar rebounds against euro, mining stocks mixed
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12/03/10 Gold reaches $1,115 as US dollar falls ahead of US retail sales and consumer sentiment data
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11/03/10 Gold edges lower as euro slips against US dollar ahead of Swiss National Bank interest rate decision
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10/03/10 Gold finds support at $1,120 as euro gains on Portugal's bond issue
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09/03/10 Gold slips as euro tumbles ahead of US-Greece meeting, miners retreat in London
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Kent Exploration Inc (TSX-V: .KEX)
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Knick Exploration (TSX-V: .KNX)
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Kryso Resources (AIM: KYS)
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Lydian International (TSX: .LYD)
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Minefinders Corporation (TSX: MFL)
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Norseman Gold (AIM / ASX: NGL / NGX)
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Nyota Minerals Limited (AIM / ASX: NYO)
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Orosur Mining Inc. (AIM / TSX-V: OMI)
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OXUS GOLD (AIM: OXS)
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Pan African Resources (AIM: PAF)
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Patagonia Gold (AIM: PGD)
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Persian Gold (AIM: PNG)
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Plato Gold Corp (TSX-V: .PGC)
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Republic Gold (ASX: RAU)
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Rubicon Minerals Corp (TSX | AMEX.NYSE: RBY: .RMX)
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Sacre-Coeur Minerals (TSX-V: SCM)
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Soho Resources Corp (TSX-V: SOH)
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Solomon Gold (AIM: SOLG)
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Sona Resources (TSX-V: SYS)
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Stratex International (AIM: STI)
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Timmins Gold Corp (TSX-V: .TMM)
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Vatukoula Gold Mines (AIM: VGM)
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Victoria Gold Corp (TSX-V: .VIT)






