GOLD

Toronto's main stock index was lower on Thursday morning, but well off its 1 percent fall shortly after the open, as gold-mining shares fell along with bullion prices after weak European bond sales sparked fears of a worsening euro-zone debt crisis.

Gold fell to a one week low on Thursday as fears that the euro zone debt crisis could spread from peripheral to core economies kept investors nervous and prompted some to liquidate profitable positions to cover losses in other asset classes.

As winter draws in across Canada's northern Yukon territory, big mining companies are prospecting for bargains among the army of junior explorers staking claims in what's shaping up as the region's second big gold rush.

Toronto's main stock market index closed lower on Wednesday as a new wave of fears about Europe's debt crisis hurt miners and banking shares, offsetting gains in the oil and gas sector.

Gold prices fell Thursday as contagion from Europe's sovereign debt crisis began engulfing the continent's once-mighty economies.

Gold demand climbed six percent this summer to an all-time high in dollar value as rising investment demand offset falling jewelry sales, the World Gold Council said Thursday.

An online-only auction by Christie's from Dec.13 through 16 will feature a total of 950 belongings from Elizabeth Taylor's special jewelry collection.

Asian shares wobbled Thursday as doubts deepened about Europe's ability to stop its sovereign debt crisis from spinning out of control, with Germany and France split over the European Central Bank's bond buying role.

Growing investor demand for silver will help boost its price above $50 per ounce by the end of next year, a top official at Thomson Reuters GFMS said Wednesday.

Striking union workers at Freeport Indonesia's giant Grasberg copper mine are sticking to pay demands for $7.50 an hour, a wage request deemed excessive by the U.S. miner's chief executive.

As winter draws in across Canada's northern Yukon territory, big mining companies are prospecting for bargains among the army of junior explorers staking claims in what's shaping up as the region's second big gold rush.

Duke coach Mike Krzyzewski moved past his mentor Bob Knight to become U.S. Division I college basketball's all-time wins leader on Tuesday.

Gold prices fell for the third day in a row Wednesday as grim news from Europe offset mildly encouraging economic news from the U.S.

Ghana will seek to boost revenues from its mining industry next year by hiking taxes, according to a text of the 2012 budget delivered to parliament on Wednesday.

Gold extended an earlier slide on Wednesday in its largest one-day fall this month as the escalating euro zone debt crisis kept the euro near one-month lows against the dollar, making it more attractive to non-U.S. investors to sell bullion.

Shares of Novagold rose 13.4 percent on Wednesday morning after the mining exploration company said it is exploring a possible sale of its 50 percent stake in the big Galore Creek copper/gold project in northwestern British Columbia.

The competition is now down to three teams.

Ghana will increase its corporate tax rate for mining companies to 35 percent from 25 percent, and will collect a 10 percent windfall profit tax from miners, according to a text of the 2012 budget delivered to parliament on Wednesday.

Canadian stocks looked set to open lower on Wednesday along with commodities on investor fear of contagion from the weakest debt-ridden euro zone economies such as Greece into bigger ones such as Italy, Spain and even France.

Striking union workers at Freeport Indonesia's giant Grasberg copper mine are sticking to pay demands for $7.50 an hour, pouring cold water on government claims that they are nearing a deal to resolve the country's longest-running mining dispute.

Newmont Mining Corp's Indonesian unit said output was unaffected at its copper and gold mine even though 400 workers had gone on strike in a dispute over working shifts.