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Gold Set to Complete Another Weekly Gain

Last updated: 12:45 13 Nov 2009 GMT, First published: 13:45 13 Nov 2009 GMT

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The gold price remains on target to end the week higher for a second week despite coming under pressure from profit taking in recent sessions. Yesterday the yellow metal tumbled after hitting a new high in early trading. A small rebound in the US Dollar triggered profit taking as gold futures fell from $1,126 to settle lower at $1,106.


Trading in the yellow metal has been fairly mixed this morning, after trading in a $10 range between $1,101 and $1,110, the gold price has stabilised somewhat and last changed hands at $1,107.


FTSE 100 gold producer Randgold Resources (LSE: RRS) fell almost 1%, Petropavlovsk (LSE: POG) suffered a more decisive fall, shedding 2.7%.


Canada based junior gold developer Rambler Metals and Mining Plc (AIM: RMM), Asia focused copper and gold developer Central China Goldfields (AIM: GGG), Algeria gold miner GMA Resources (AIM: GMA), Philippines focused Metals Exploration (AIM: MML) and Western Australia gold producer Norseman Gold (AIM: NGL) all gained more than 3%.

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