The Dow Jones industrial average slipped 113.73 points (1%) to close at 10,621.84 in light trading as the market waited for clearer news concerning a possible interest rate hike.
Spot gold on the Comex division of the New York Mercantile Exchange was off from its 2-month high to close at US$285 per oz., sending producers lower. Newmont Mining dropped $1.25 to finish at US$24.25, while AngloGold lost 62 to close at US$21. Homestake Mining slipped 31 to US$7.19; Meridian Gold slid 31 to US$5.94; Battle Mountain Gold sunk 19 to US$2.06. On Nasdaq, Harmony Gold Mining lost 43 to close at US$5.19.
The market responded negatively to the proposed merger between Gold Fields and Toronto’s Franco-Nevada Mining. The South African was down 9% following the announcement, and finished the week off 6 at US$3.69.
Bucking the downward trend were South Africa’s Randgold, which closed up 37 to US$3.59 on Nasdaq, and Peru’s Buenaventura, which jumped 94 to close at US$17.19 on the NYSE.
Rio Tinto was up $2.50 for the week at US$63.94, as the company resumed production at the Kelian gold mine in Indonesia. Production came to a halt April 29 when protesters blocked access to the mine.
Comex copper held firm at US80 per lb., though producers were down for the week. Phelps Dodge plunged $3.13 to US$42.81, while Class B shares of Freeport McMoRan Copper & Gold sunk 44 to a new low of US$8.94. Southern Peru Copper dropped 69 to close at US$11.
Diamond giant De Beers Consolidated Mines picked up 75 to close at US$23.69, while platinum-miner Stillwater Mining added 57 to close at US$30.38.
Be the first to comment on "Dow, gold off"