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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 extends gains as Fed leaves low interest rates unchanged, mining stocks climb in London

17th Mar 2010, 2:28 pm Gold extends gains as Fed leaves low interest rates unchanged, mining stocks climb in London

Gold stabilised at about US$1,125/oz after reaching US$1,133/oz on weakness in the US dollar, which declined on the Federal Reserve’s decision to leave the interest rates at the current ultra low levels of 0% to 0.25%. The Fed said that the strength of the ongoing economic recovery did not warrant a rate increase, while inflation was likely to stay at a low level and the job market was slow to recover. This was in line with the Fed’s repeated pledge to keep the rates exceptionally low for an extended period of time.

Gold is seen as a hedge against inflation and a riskier alternative to the safe haven US dollar. The yellow metal normally moves inversely to the greenback, which fell against other major currencies following the Fed’s policy meeting. Gold has been on the rise so far this week, climbing from US$1,100/oz as the euro firmed against the US dollar on easing concerns over the ongoing debt crisis in several euro zone countries including Greece and Portugal.

Other precious metals also retreated after making gains with silver sliding to US$17.42/oz, while platinum declined to US$1,631/oz.

All major mining stocks were on the rise today with the sole exception of silver producer Hochschild Mining (LSE: HOC), which went against the tide for the second day in a row with a decline of less than 1%.

Silver and gold miner Fresnillo (LSE: FRES) was in the lead with a 3% advance, while gold miner Randgold Resources (LSE: RRS) followed with a small gain.

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

Aquarius Platinum (LSE: AQP) led the sector in the FTSE 250, climbing 4%, while gold miner Petropavlovsk (LSE: POG) rose 2.3%.

Kazakhstan operating gold producer and copper developer Frontier Mining (AIM: FML) led the juniors with a 13% advance. Turkey and Saudi Arabia operating gold explorer KEFI Minerals (AIM: KEF) and Western Australia operating Norseman Gold (AIM: NGL) followed, climbing 8% and 5.7% respectively.

Commodity asset development company Mercator Gold (AIM: MCR) and Philippines focused Metals Exploration (AIM: MTL) headed in the opposite direction, slipping 8% and 5% respectively.

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