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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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Randgold Resources, Fresnillo and Lonmin delcine despite higher gold, silver and platinum

4th Mar 2010, 1:50 pm Randgold Resources, Fresnillo and Lonmin delcine despite higher gold, silver and platinum

Gold returned to yesterday’s levels after falling earlier in the day and briefly recaptured the US$1,140/oz mark as the US Dollar Index, which measures the greenback’s strength against a basket of six other major currencies, weakened as the outlook for Greece’s debt crisis improved, strengthening the euro.

The debt-laden country that owes some €300 billion is set to launch a bond offering to raise €5 billion just a day after announcing a new round of economic austerity measures to trim budget by €6.5 billion to comply with the European Union’s target of a 4% reduction in budget deficit for 2010.

Both the Bank of England (BoE) and the European Central Bank (ECB) expectedly left their interest rates unchanged today at 0.5% and 1% respectively, which had little impact on currency markets.

Further improvements in the EUR/USD rates hinge on the results of today’s bonds issue.

The yellow metal usually moves inversely to the US dollar, being seen as an alternative investment to the American currency.

Other precious metals also advanced with silver and platinum reaching US$17.29/oz and US$1,579/oz respectively.

Most miners were in decline today. Silver producer Fresnillo (LSE: FRES) was at the bottom of the pile with a 1.6% loss. Platinum miner Lonmin (LSE: LMI) and gold producer Randgold Resources (LSE: RRS) declined marginally.
Specialty chemicals firm Johnson Matthey (LSE: JMAT) was flat.

Midcaps followed the trend as Aquarius Platinum (LSE: AQP) was down 1.1%, silver producer Hochschild Mining (LSE: HOC) shed less than 1% and gold miner Petropavlovsk (LSE: POG) was flat.

South American based explorer Mariana Resources (AIM: MARL), Canada based junior gold developer Rambler Metals and Mining (AIM: RMM) and Argentina focused gold explorer Patagonia Gold (AIM: PGD) led the juniors with gains of 15%, 9% and 7% respectively.

Kazakhstan operating gold producer and copper developer Frontier Mining (AIM: FML) slipped 4%.

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