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Market: .
Sector: Gold Mining
Epic: GOLD
News: Latest news
Web Site: Gold
Other Articles: 19-08-201018-08-201010-08-2010

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Gold

Gold

Gold is a chemical element with the symbol Au and the currency code is XAU. It 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.
Friday, October 02, 2009

Gold spikes lower, only to quickly rebound above $1,005

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Gold recovered following a volatile morning, after first slumping on worse-than-expected US employment data, which drove foreign exchange speculators back into the dollar out of the higher yielding Euro and Japanese Yen. As doubts re-emerge over the ongoing stability of the global economy, the recent ‘flight-to-risk’ trade reversed and the US Dollar Index spiked up towards 77.70.


Subsequently the Gold market experienced a period of volatility which saw the December Comex contract in New York fall to an intraday low of $987 before finding support and rebounding almost $20. Gold futures are currently changing hands around the $1,006 level shortly after 10:00am in New York.


Overnight the yellow metal kept its head above the $1,000 level, after coming under pressure from forex markets as traders positioned themselves ahead of a crucial session on Friday. After this week’s mixed economic data, which saw the equally surprising increase in US GDP and a simultaneous fall in the Purchasing Managers Index (PMI).Today’s non-farm payroll report is likely to have the decisive say in terms of the immediate outlook in the American economy.

Perhaps the most telling of US Economic reports, the non-farm payrolls indicate the seasonally adjusted level of unemployment in the American economy. This mornings report from the US Department of Labour exposed the worst US job market since 1983. The unemployment rate in the United States now stands at 9.8% after September non-farm payrolls recorded a larger than expected fall by 263,000 against expectations of an 180,000 decline.


Several economists and commentators including Federal Reserve Chairman Ben Bernanke believe that the US employment situation may not substantially reduce for some time. Reports suggest that unemployment is yet to turn the corner, and ultimately as a result the rate of the US economic recovery may slow.


On Wall Street equity markets look set to finish the week in a volatile session; gold stocks have stabilised from the pre-market volatility and are beginning to show signs of a recovery across the North American market.


The world’s largest gold producer Barrick Gold (NYSE: ABX) actually rose 0.75% in New York.


Randgold Resources (NYSE: GOLD) recovered after falling to an intraday low of $65.25. Meanwhile Canada-based Yamana Gold (NYSE: AUY) gained 1% after starting the session negative.

Other gold miners were generally lower also, with few brighter notes.

Agnico Eagle (NYSE: AEM) were among the rising stocks on the American Stock Exchange advancing over one percent against the general trend in the sector, dual listed Eldorado Gold (TSX: ELD; AMEX:EGO) were also trading in positive territory rising ¼%. International gold producer IAM Gold (NYSE: IAG TSX: IMG) eased just 2c lower and was trading at $12.97,


Multi-listed, Middle East focused Centamin Egypt (AIM: CEY, ASX: CNT, TSX: CEE) were fractionally higher to trade at $1.64 per share. New Gold (AMEX:NGD) and Mexico focused producer Minefinders (AMEX: MFN) were in negative territory again today, losing over 2%.


Junior gold companies also lost traction today.


Hawthorne Gold (TSX: HGC) lost almost 5%, as did Keegan Resources Inc (AMEX: KGN). Similarly Ontario based developer Rubicon (AMEX: RBY) fell 2% while West African developer Nevsun Resources (AMEX: NSU) also slipped in early deals.


Meanwhile South American focused exploration play Exeter Resource Corp (AMEX: XRA) also lost ground, losing 5c per share to trade at $4.15. TSX Venture stocks Victoria Gold Corp (TSX-V: VIT) and Timmins Gold Corp (TSX-V: TMM) were unchanged on the day.


Low-cost emerging gold producer Gold Resource Corp (OTCBB: GORO) slipped just 2 cents per share.

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