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Additional Information
Market: LME
Sector: General Mining - Gold
EPIC: GOLD
Latest Price: $0.00  (0,00%)
52-week High: $105.71
52-week Low: $39.00
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GOLD
www.gold.org

Gold 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.

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Lonmin, Fresnillo and Aquarius slide as gold, silver and platinum drop

3rd Feb 2010, 2:48 pm Lonmin, Fresnillo and Aquarius slide as gold, silver and platinum drop

Gold prices corrected today after nearly reaching US$1,125/oz on a weaker US Dollar, which declined against a basket of six currencies following the recent flurry of positive economic data that came out in the US, showing higher manufacturing activity, increases in personal income and spending and higher existing home sales. The data provided further signs of recovery for investors, turning their attention away from the greenback to riskier assets.

Gold later retreated later in the day as the US Dollar firmed after the ADP National Employment Report said that non-farm payrolls declined by 22,000 in January. Non-farm employment data from the Labor Department is due out on Friday.

The yellow metal stood at US$1,111/oz in mid afternoon, while other precious metals also corrected with silver and platinum dropping to US$16.49/oz and US$1,568/oz respectively.

Most mining stocks declined. Platinum producer Lonmin (LSE: LMI) was at the bottom of the pile with a 2% loss, while silver and gold miner Fresnillo (LSE: FRES) dropped 1% and gold miner Randgold Resources (LSE: RRS) was flat.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) posted an insignificant loss.

Midcaps were mixed as while gold miner Petropavlovsk (LSE: POG) and silver producer Hochschild Mining (LSE: HOC) posted small gains, Aquarius Platinum (LSE: AQP) lost 1%.

Commodity asset development company Mercator Gold (AIM: MCR) moved with the majors, sliding 5%.

Africa operating gold miner GMA Resources (AIM: GMA) was on the rise with a gain of nearly 9%, while Western Australia operating Norseman Gold (AIM: NGL) added 6% and Australian gold and copper prospector Solomon Gold (AIM: SOLG) and Philippines focused gold producer Medusa Mining (AIM&ASX: MML) both climbed 4%.

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