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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 reaches $1,115 as US dollar falls ahead of US retail sales and consumer sentiment data

12th Mar 2010, 1:46 pm Gold reaches $1,115 as US dollar falls ahead of US retail sales and consumer sentiment data

Gold prices improved today after the US dollar showed weakness ahead of key economic data, including the University of Michigan consumer sentiment index and US retail sales update, which is expected to show a decline in spending. The American currency hit three week lows against the euro and the Swiss franc, which climbed after the Swiss National Bank left its interest rates unchanged, but upped projections for growth.

Gold is seen as a riskier alternative to the safe-haven US dollar and usually moves inversely to the greenback.

The American currency rose this week amid uncertainly in global stock markets and due to weakness in the euro, which was under pressure from renewed worries over the Greek debt crisis and Fitch’s comments on another European debt laden country Portugal early in the week. The rating agency said it would cut Portugal’s AA rating if the ongoing fiscal consolidation keeps progressing at a slow pace. Jitters eased on Wednesday, when Portugal conducted a successful bond issue to raise US$1.34 billion to improve the outlook for its debt situation.

Gold was under pressure from yesterday’s update from China, whose consumer price index increased to an annualised rate of 2.7% in February to spark speculation about further monetary policy tightening in the country.

The yellow metal climbed to US$1,115/oz, while silver and platinum advanced to US$17.28/oz and US$1,620/oz respectively.

Blue chip mining stocks were on the rise today. Silver and gold producer Fresnillo (SLE: FRES) climbed 1.6% to take the lead, while platinum miner Lonmin (LSE: LMI) added 1.4% and Randgold Resources (LSE: RRS) was up 1.4%.

Specialty chemicals firm Johnson Matthey (LSE JMAT) advanced 1.8%.

Midcaps were mixed as while Aquarius Platinum (LSE: AQP) and gold producer Petropavlovsk (LSE: POG) gained 1.2% and 2.3% respectively, silver producer Hochschild Mining (LSE: HOC) posted a small loss.

Africa focused gold miner Pan African Resources (AIM: PAF) led the juniors with a 7% rally. Western Australia operating Norseman Gold (AIM: NGL) and Turkey and Ethiopia operating gold miner Stratex International (AIM: STI) followed with gains of nearly 4%.

Turkey and Saudi Arabia operating gold explorer KEFI Minerals (AIM: KEF) slipped 7.5%.

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