In New York this morning gold investors maintained their support as the futures market gained a couple of dollars per ounce. On the New York Mercantile Exchange, Comex December futures rose $2.50 to trade around $1,008. This morning’s support follows Friday’s considerable volatility the gold market.
Worse-than-expected US employment data sparked sharp volatility in foreign exchange markets as doubts re-emerged over the ongoing stability of the global economy. Subsequently the volatility ensued in the Gold futures, which saw the December Comex contract in New York fall to an intraday low of $987 before finding support and rebounding over $20.
Overnight both commodity and forex markets have been evenly balanced with little change from Friday’s close in North America. The ICE Dollar Index remains fairly unmoved easing just 0.2%.
After the rather choppy end to last week’s trading many gold investors will remain cautiously vigilant as the gold price continues to hover below its all time high for the third straight week. Analyst sentiment remains fairly mixed, with reports suggesting that approximately 45% of analysts believe we’ll see another successive weekly gain.
On Wall Street, North American Gold equities were resurgent this morning, lead by major international gold producer Randgold Resources (NYSE: GOLD), who advanced over 2%, gaining $1.50 this morning.
Canadian based Yamana Gold (NYSE: AUY) also showed considerable strength rising over 1.5%, reaching $10.22 earlier today. Meanwhile the worlds largest gold producer Barrick Gold were somewhat left behind, rising marginally adding just 12c per share.
Ontario Based Rubicon Minerals (AMEX: RBY), New Gold (AMEX:NGD) and Nevsun Resources (AMEX: NSU) were among the strongest in the sector this morning, all rising over 3%.
Agnico Eagle (NYSE: AEM) rose 2% on the American Stock Exchange gaining over $1.20, to trade at $65.00 per share, dual listed Eldorado Gold (TSX: ELD; AMEX:EGO) were also trading in positive territory over 2%.
Mexico focused producer Minefinders (AMEX: MFN) reversed some of their recent losses rising over 2% to trade above $9.30 per share. International gold producer IAM Gold (NYSE: IAG TSX: IMG) also rose 2%.
Keegan Resources Inc (AMEX: KGN) added 9c, to rise over 2%. Meanwhile South American focused exploration play Exeter Resource Corp (AMEX: XRA) were relatively unchanged trading at $4.20.
Multi-listed, Middle East focused Centamin Egypt (AIM: CEY, ASX: CNT, TSX: CEE) was one of the few gold stocks in decline, slipping just two cents per share.
In Toronto Hawthorne Gold (TSX: HGC) were particularly strong rising 4%, TSX Venture stock Victoria Gold Corp (TSX-V: VIT) rose 2%, while Timmins Gold Corp (TSX-V: TMM) and Low-cost emerging gold producer Gold Resource Corp (OTCBB: GORO) were both unmoved.
Monday 5 October 2009
Gold touches $1015, gold equities start day with modest gains
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