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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, African Barrick Gold and Petropavlovsk rise as gold reaches $1,170

30th Jul 2010, 4:38 pm Randgold Resources, African Barrick Gold and Petropavlovsk rise as gold reaches $1,170

Gold improved today, largely due to an increase in physical demand from Asian jewellers and bargain hunters, which were taking advantage of the yellow metal’s low prices of just over US$1,161/oz.

After nearly reaching US$1,200/oz, gold plummeted early this week as fears over Europe’s debt situation subdued in the wake of Friday’s results of the stress test with just 7 out of 91 European banks failing to show they would withstand another crisis. This news prompted the Basel Committee on Banking Supervision to relax its liquidity and capital requirements in its draft Basel III reform.

Investors became yet more optimistic after Spain conducted a successful bond auction at a low yield than last month. In another bit of good news, yields on Spanish and Portuguese 10 year bonds declined to 4.16% and 5.39% respectively.

Gold got a little support from today’s US GDP update, which showed a slowdown to a growth rate of 2.4% in Q2 from 2.7% in Q1, which a decline to 2.5% was expected.

Gold climbed to US$1,171/oz today. Silver followed, rising to US$17.85/oz, but platinum declined to US$1,555/oz.

Major mining stocks were mixed. Gold miner Randgold Resources (LON:RRS) added 1%, while platinum miner Lonmin (LON:LMI) and African Barrick Gold (LON:ABG) stood just above the opening level.

Silver miner Fresnillo (LON:FRES) posted a small loss, as did specialty chemicals firm Johnson Matthey (LON:JMAT).

Gold miner Petropavlovsk (LON:POG) added less than 1%, while fellow midcaps Aquarius Platinum (LON:AQP) and silver producer Hochschild Mining (LON:HOC) declined 1%.

Most junior companies were little moved today. Western Australia operating Norseman Gold (LON:NGL) and gemstone producer Gemfields (LON:GEM) shed 6.5% and 5% respectively.

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