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Gold prices trip down

Tuesday saw a decline in the gold trade even as traders tried to take full advantage of the soaring prices of gold over the past two weeks.

Standard Bank precious metals analyst Walter de Wet said that the decline in gold trade will probably remain like this for atleast some time now.

Traders are on the lookout for extracting maximum profits as gold prices are on a record high since last year.

Last year on December 3, the gold prices touched an unbelievable $1,226.40. However, the prices then came down by more than 10% in less than three weeks. Prices then further fell by more than 5% in the third week of May after reaching a high of $1,249.70 on May 14.

But the current slowdown seems to be less severe as Mr. de Wet said, “We expect this pullback to be less severe than the pullback in May.”

Gold again set record highs in June amidst worries that U.S. will take much more than the expected time to come out of the financial crisis. As Europe continued to reel under debt, this added more worries to global economic woes.

Gold spiralled downwards as the dollar gained a strong foothold. However, experts believe that gold has not lost its importance as an alternative asset even though economic concerns are on a rise.

Gold prices continue to hit through the roof

Even as the European debt crisis deepened, the price of gold shot up to an unbelievable $1249.70 an ounce on Friday. The sudden spurt in gold prices happened as a result of the traders ignoring equities amid the growing worry that the steps required to be taken to improve the financial position of European governments will eventually lead to slow economic progression.

The main European countries that are a centre of focus at present are Greece and Portugal.

The new UK government is making news as it is preparing to tackle the issue of the huge economic deficit that has been piling up ever since the economic recession began.

The large-scale fiscal stimulus programme that showed a ray of hope towards a strong economic recovery last year has left the country reeling under massive debts.

Another reason for a hike in the gold prices is due to the fact that sterling and the euro dropped down against the dollar.

However, one of the few gainers from the high gold prices was the Mexican silver and gold producer Fresnillo.

Gold crosses $1200 mark

 On Friday, gold prices zoomed up past the monstrous $1,200 per ounce mark. The Greece riots made the investors panic even as trading discrepancies and euro instability continued to cause trouble.

The European Central Bank is not taking any more measures to provide more financial aid to Greece. However, it has not changed the interest rates and kept them fixed at the earlier 1%.

The doubtful economic situation in the U.S. could lead to a further increase in the price of gold. George Gero, Vice President of global futures at RBC Capital Markets was quoted as saying, “Holding pattern emerged after jobs report and some stability in the markets.”

However, the gold mining stocks showed a mixed trend. Barrick Gold (ABX) was down by 1.21% to $43.15 while Newmont Mining (NEM) was lower by 1.17% and stood at $54.04. On the other hand, gold miners like Kinross Gold (KGC) and Goldcorp (GG) were trading higher at $17.43 and $43.08, respectively.

Shares of Iamgold (IAG) were up 0.23% at $17.82 while Randgold Resources (GOLD) went down 0.27% to $84.02. AngloGold Ashanti (AU) was up 1.27% to $41.46 and the shares of the gold ETF, SPDR Gold Shares (GLD) were down 0.13% to $118.33.

Gold-above-ground stocks on an increase: DJ GFMS


According to the U.K.-based metals consultancy GFMS, the overall gold-above-ground stocks increased by 1.6% in the year 2009 and went upto 165,600 metric tons. The above-ground stock supply jumped up by 167 tons in 2009. On the other hand, new mine supply rose to 163 tons. It is being estimated that these figures will further show an upward trend and increase even more during 2010.

As per GFMS, the gold supply can be readily available from the new mine supply or above-ground stocks. This will majorly come from bullion that is held by private individuals or non-official institutions.

Higher scrapped fabricated products which compensate for a drop in net official-sector sales were the major reason for the increase in above-ground stocks.

Scrap supply also went up to 1,674 tons, which is an increase of 27% in 2009. GFMS revealed that most of the profits were earned during the first half of the year and the reason behind this was the high gold price.

In a statement given by GFMS, it said, “Given that it is very likely that the gold price will reach a new peak sometime this year, scrap supply is set to register a small increase in 2010.”

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