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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, silver and platinum gain to bolster mining stocks

9th Feb 2010, 3:30 pm Gold, silver and platinum gain to bolster mining stocks

Gold spot prices steadied around US$1,075/oz today as the US Dollar gave way against the euro on talks of a possible bail out for Greece to resolve its mounting debt problem. Concerns over the debt situation in Greece as well as two other euro zone members Portugal and Spain has pushed Europe’s single currency down over the past couple of weeks to prop up the US Dollar and make the dollar denominated precious metals more expensive for holders of other currencies to curb the demand.

Gold moves inversely to the greenback as it is seen as an alternative investment to the American currency. Prior to last week’s disappointing US employment data, the yellow metal climbed back to US$1,100/oz following a rally in global stock markets, which increased the appeal of riskier assets such as gold.

Other precious metals also improved with silver and platinum reaching US$15.29/oz and US$1,492/oz.

All major mining stocks were on the rise with the sole exception of midcap silver producer Hochschild Mining (LSE: HOC), which posted a small loss.

Silver and gold miner Fresnillo (LSE: FRES) was the top performer in the sector in the FTSE 100 with a 4% gain. Platinum producer Lonmin (LSE: LMI) added 1.5%, while gold miner Randgold Resources (LSE: RRS) rose marginally.

Specialty chemicals firm Johnson Matthey (LSE: JMAT) tacked on less than 1%.

FTSE 250 miners Aquarius Platinum (LSE: AQP) and Petropavlovsk (LSE: POG) advanced 3.5% and 2.5% respectively.

Commodity asset development company Mercator Gold (AIM: MCR) was one of the top performers in the markets with a 26% surge. Africa focused gold deposit developer Cluff Gold (AIM: CLF), Lesotho operating diamond miner Kopane Diamond Developments (AIM: KDD) and Western Australia operating Norseman Gold (AIM: NGL) all advanced 7% and Africa focused gold miner Pan African Resources (AIM: PAF) gained 4%.

Brazil focused gold miner Horizonte Minerals (AIM: HZM) and Kyrgyzstan focused gold explorer and developer Chaarat Gold Holdings (AIM: CGH) were in the red with losses of 6.5% and 6% respectively. Tajikistan operating gold miner Kryso Resources (AIM: KYS) and Uzbekistan focused gold miner Oxus Gold (AIM: OXS) lost about 4%.

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