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Market: NYSE
Sector: Gold Mining
EPIC: GLD
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Gold
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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.

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Gold touches five week high, silver and platinum gain

11th Jan 2010, 1:32 pm

Besides lifting crude oil, China's import and export update also gave a boost to precious metal prices by triggering fund buying, boosting demand and driving gold to a five week high of US$1,156/oz, while silver and platinum reached US$18.81/oz and US$1,590/oz.

China reported a 32.7% year on year and 16.7% month on month increase in imports and exports in December, with exports rising 17.7% from the previous year to US$130.73 billion following 13 months of declines, while imports amounted to US$112.29 billion, marking a 55.9% year on year and 18.8% month on month increases.

The US Dollar also factored in, sliding 0.5% against a basket of currencies on disappointing jobs data, which came out in the US on Friday, reporting 85,000 jobs lost in the month of November, while only a marginal increase was expected. The unemployment rate remained unchanged in December at 10%.

Gold was in selling mode last week as holdings in the biggest gold-backed fund SPDR Gold Trust (NYSE: GLD) fell 0.04% to 1,126 metric tonnes at the end of the week after declining to 1,128.75 metric tonnes last Monday, marking a decline of 4.87 metric tonnes from the end of 2009.

Mining stocks responded positively in Europe and Asia.

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