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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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Gold improved as US Dollar slides, mining stocks rise in London

8th Feb 2010, 3:13 pm Gold improved as US Dollar slides, mining stocks rise in London

Gold was slightly higher today after slipping to US$1,050 from over US$1,100 per ounce last week on European debt worries and stronger US Dollar.

The yellow metal moves inversely to the US Dollar as it is seen as an alternative and riskier investment to the American currency, which has been gaining against the euro due to the persisting concerns over the debt situation in euro zone countries Greece, Spain and Portugal.

The US Dollar gave way today, helping commodities including precious metals to small gains.

Silver and platinum improved to US$15.01/oz and US$1,473/oz respectively.

Major mining stocks posted good gains today, while midcaps were down. Gold miner Randgold Resources (LSE: RRS) led the sector in the FTSE 100 with a 5.5% advance. Silver and gold producer Fresnillo (LSE: FRES) and platinum miner Lonmin (LSE: LMI) followed, climbing 4% and 1.5% respectively.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) declined marginally.

In the FTSE 250, Aquarius Platinum (LSE: AQP) was flat, while gold miner Petropavlovsk (LSE: POG) lost less than 1% and silver producer Hochschild Mining (LSE: HOC) pulled back 1.8%.

Kyrgyzstan focused gold explorer and developer Chaarat Gold Holdings (AIM: CGH) performed well, gaining 9%. Commodity asset development company Mercator Gold (AIM: MCR) and Canada based junior gold developer Rambler Metals and Mining Plc (AIM: RMM) followed with gains of 5% and 4.5%, while Africa operating gold and platinum miner Goldplat (AIM: GDP) and Turkey and Ethiopia operating gold miner Stratex International (AIM: STI) gained 4% and 3.5%.

Turkey focused gold miner Ariana Resources (AIM: AAU) and Brazil focused gold miner Horizonte Minerals (AIM: HZM) headed in the opposite direction, shedding about 4%.

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