Gold Jumps to 3-Month High, Platinum Hits 5-Month High
Gold jumped to a three-month high on Wednesday, reversing early losses after bullish technical factors triggered fund buying, and platinum prices hit their highest in five months on supply worries.
Platinum Prices up 3% on Supply Disruption
Platinum prices shot up more than three percent Wednesday after Impala Platinum Holdings Ltd., the world's second largest platinum producer, told buyers April deliveries would be slashed in half because of a strike in South Africa.
Novagold Seeks Buyer for Stake in Galore Creek Project
Canadian miner Novagold said on Wednesday it has begun the process of trying to sell its 50 percent stake in the Galore Creek copper-gold project in British Columbia so that it can focus fully on its flagship Donlin gold project in Alaska.
Kingsgate Consolidated Sees Higher Gold Yields
Australian gold miner Kingsgate Consolidated forecast on Wednesday higher gold yields in the second half of fiscal 2012 as it boosts productivity at Thailand's only gold mine.
Gold Prices Retreat from Two-Week High
Gold prices retreated from an earlier two-week high in Europe on Wednesday as persistent concerns over Europe's finances hurt the euro and weighed on stock markets, while a supply upset in major producer South Africa lifted platinum to a five-month high.
Stocks, Commodities up on Approval of Greek Rescue: Daily Market Wrap
The financial world welcomed Tuesday's approval of Greece's plans for what amounts to an orderly default with gains in global stocks and commodities.
European Goldfields Shareholders OK Eldorado Gold's $2.5B Buyout
Shareholders of European Goldfields overwhelmingly approved a C$2.5 billion ($2.5 billion) friendly takeover by Eldorado Gold on Tuesday, a move that will expand Eldorado's asset base in Greece and Turkey.
Dow Trades Above 13,000 for First Time Since May 2008
The Dow Jones Industrial Average briefly climbed back above the psychologically important 13,000 level shortly before noon Tuesday for the first time since 2008.
Agnico-Eagle Mines Gets OK for Build Meliadine Roadway
Agnico-Eagle Mines Ltd. gained permission to build a key $21 million roadway in northern Canada that is part of its plan to develop its Meliadine gold project, the Toronto-based company said Tuesday.
Gold Prices up 2nd Day, Silver Gains, Too
Gold rose for a second day on Tuesday, taking its cue from a brief rally in the euro after euro zone finance ministers struck a deal with Greece on its emergency funding, while silver shrugged off data that showed a steep drop in Chinese imports.
Greek Debt Could Hit 160% of GDP in 2020 Without More Help: Analysis
Greece will need additional relief if it is to cut its debts to 120 percent of GDP by 2020 and if it doesn't follow through on structural reforms and other measures, its debt could hit 160 percent by 2020, a confidential analysis conducted by the IMF, European Central Bank and European Commission shows.
Pakistan's Reko Diq Looking Less Prospective
Pakistan's Reko Diq, an untapped copper and gold mine of fabulous potential, was meant to be the biggest foreign investment in the country's mining sector, but it's beginning to look more like fool's gold to the companies involved.
Kinross Gold Investigated over Tasiast Ore Disclosure Row
At least four U.S.-based law firms said they are investigating Kinross Gold Corp , after the company failed to disclose that low-grade ore had been found at its Tasiast property in West Africa.
Sudan, Under Fiscal Strain, Exports $400 Million of Gold
Sudan has secured a five-year delay on its debts to China, the finance minister said on Saturday, part of efforts to make up for the loss of revenues from the oil-producing south.
Gold Prices up on Optimism about Greek Debt Fix
Gold prices rose more than half a percent on Monday as growing optimism that European leaders will sign off on a rescue deal for Greece lifted the euro, and after China's central bank further loosened monetary policy.
Berkshire Hathaway's Richline Group Buying Italian Jeweler UnoAErre
Richline International, part of U.S. billionaire investor Warren Buffett's Berkshire Hathaway, plans to buy debt-laden jeweler UnoAErre, in a further expansion into Italian jewelery after a string of acquisitions last year.
Gold Falls on Profit Taking, Ends Week Flat
Gold fell on Friday as investors took profits after an initial rally driven by growing confidence that Greece was edging closer toward winning a new rescue package.
Baidu 4Q Beats Analysts' Expectations
China's top search engine, Baidu Inc, beat Wall Street's earnings estimates as its revenue grew more than 80 percent year-on-year in the fourth-quarter.
Google Found Tracking Safari Users -- Report
Google Inc. has disabled a special computer tracking code that had been bypassing Safari, Apple Inc.'s popular Web browser, enabling advertisers to monitor the Web surfing of iPhone and computer users, against their stated preferences, the Wall Street Journal reported Friday.
Strong U.S. Economic Data, ECB Initiative for Greece Lift Markets
Robust economic data and European Central Bank support for Greece energized U.S. stocks Thursday, as investors ignored possible bank downgrades and lifted equities to a nine-month high.
Gold Demand Soars on Inflation and Deflation Fears
Worldwide sales of gold last year soared 29 percent to a record high as two groups of investors, each with mutually exclusive views of economic and financial threats, flocked to the yellow metal and related assets.
GM Posts Weaker-Than-Expected 4Q Profit
General Motors Co (GM.N) posted a weaker-than-expected fourth-quarter profit as disappointing performance overseas offset strong results in North America.
Kinross Gold Quarterly Profit Misses Expectations
Canada's Kinross Gold reported an operating profit that fell short of expectations on Wednesday, as weaker than expected sales and higher than expected costs weighed in the quarter and offset gains from a surge in the price of bullion.
Goldcorp's Operating Profit Rises 23%
Canada's No.2 gold miner, Goldcorp, reported a 23 percent increase in its operating profit on Wednesday, topping expectations as sharp gains in the price of bullion drove earningsgrowth in the quarter.
Shanghai Gold Exchange Cutting Margins
The Shanghai Futures Exchange (SHFE), China's biggest metals bourse, will lower trading margins for gold and revise its tiered margin system from March 1 to make it cheaper for investors to trade.
Barrick Gold's 4Q Flat, but Adjusted Profit up 15%
Barrick Gold Corp., the world's largest gold mining company, reported flat fourth-quarter net profit as higher costs offset increased production and higher selling prices.
Gold Prices Fall as Greek Default Worries Increase
Gold prices fell on Thursday as the euro slid to a three-week low versus the dollar, pressured by news that European officials considered delaying a bailout package for Greece which fuelled fears the heavily indebted nation could face a chaotic default.
Australian Airline Quantas Expected to Slash Payroll
Australia's flagship airline, Quantas, is expected to cut hundreds of employees when it discloses its half-year results on Thursday, the nation's Herald Sun newspaper reported.
Hedge Fund Manager John Paulson Cut Gold Holdings
Hedge fund manager and long-time gold bull John Paulson cut his gold ETF bullion holdings by about $600 million in the fourth quarter, a second straight reduction that was likely driven by client redemption needs as he remained upbeat on the metal.
Gold Prices Rise on Softer Dollar
Gold rose in Europe on Wednesday, helped in part by a softer dollar, as investors sought clarity on prospects for a second Greek debt bailout and the outlook for growth in the euro zone.
