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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 remains range bound, Yamana Gold, Oxus Gold, Goldplat and Pan African Resources among notable risers

2nd Sep 2009, 12:23 pm Gold remains range bound, Yamana Gold, Oxus Gold, Goldplat and Pan African Resources among notable risers

Yesterday’s trading saw gold build momentum throughout the afternoon’s trading, as investors turned to Gold as a safe asset amid a sharp sell-off in equities. The Comex December gold futures gained $3, or 0.3%, to end at $956.50 an ounce. It rose as high as $958 earlier but also fell to $947.50.


This morning has again seen gold holding a relatively narrow trading range, with selling in the early part of the session gold made an intraday low of $953/oz off $4 from the open.


With such a narrow trading range many analysts feel that the current gold prices are lead predominantly by the wider economic conditions and the corresponding movements in other external equity and forex markets.

"Direction is still lacking and moves have thus far been tentative and largely determined by developments in other markets," said Jon Nadler, senior analyst at Kitco Metals.


With economists and forex markets looking to Friday’s US Non-Farm Payroll numbers for direction, many investors may feel that gold could remain range bound for few a few sessions yet.


In London, gold miners put in a mixed performance this morning with mid-tier gold producer Yamana Gold (LSE: YAU) rising 2.7%, while junior gold producers Goldplat (LSE: GDP), Oxus Gold (LSE: OXS) and Pan African Resources (LSE: PAF) all showed gains of 2-5%.


FTSE 100 constituent Randgold Resources (LSE: RRS) fell 2% however, while Philippines focused gold producer Medusa Mining (LSE: MML) slipped 4%.

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