Gold reaches $1,400 after Asian equities rebound


Gold prices rallied today, reclaiming the US$1,400/oz level as traders ceased selling the yellow metal to cover up losses in other assets as stock markets in Asia recovered following a two day sell-off on the nuclear crisis in Japan.

Radiation around the Fukushima nuclear plant has again reached dangerous levels this morning, forcing the evacuation of rescue workers from the site.

International Atomic Energy Agency’s director general Yukia Amano criticised the Japanese government for failure to provide timely updates about the state of failing reactors at Fukushima, calling for stronger communication.

Gold last traded at US$1,403/oz.

and platinum followed, surging to US$34.78/oz and US$1,703/oz respectively.

Silver miner Fresnillo (LON:FRES) declined marginally as did African Barrick Gold (LON:ABG), which fellow gold producer Randgold Resources (LON:RRS) tacked on 1%.

Platinum miner Lonmin (LON:LMI) dropped 1.1%.

In the FTSE 250, Hochschild Mining (LON:HOC) and Petropavlovsk (LON:POG) advanced 2.8% and 2% respectively.

Aquarius Platinum (LON:AQP) was down 1.1%.

Oxus Gold (LON:OXS), which is the only publicly listed gold mining company with primary operations inside the Republic of Uzbekistan, and diversified mining investment company ECR Minerals (LON:ECR) were among the top performing juniors, advancing 12% and 11% respectively.

Turkey and Saudi Arabia operating KEFI Minerals (LON:KEFI) and West Africa focused gold developer and producer Cluff Gold (LON:CLF) added 9% and 8% respectively.

Quick facts: GOLD

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Market: AIM
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