During the report period ended March 21, the Dow Jones industrial average gained 1,096.1 points, or 11%, to close at 10,907.24. The rally was highlighted by a record gain of nearly 500 points on March 16.
However, gold responded more to Britain’s latest sale of 25 tonnes, and then only weakly. The spot price on the Comex division of the New York Mercantile Exchange edged up slightly to US$289.80 per oz.
Leading the sluggish gold sector was South Africa’s AngloGold, which gained 18 to close at US$25.62. New York Stock Exchange-listed Homestake Mining picked up 6 to close at US$6.56 in heavy trading; Newmont Mining slid 12 to US$24.19; and Newmont’s Yanacocha partner, Minas Buenaventura, lost 76 to close at US$18.62.
Copper miner Phelps Dodge surged up $5.62 to US$50.81 as declining stockpiles boosted spot prices to US81 per lb. Class A shares of Freeport-McMoRan Copper & Gold advanced $1.26 to close at US$13.88, while Rio Tinto jumped $5.63 to close at US$65.88. Southern Peru Copper bucked the upward trend, declining 44 to US$13.
Diamond giant De Beers Consolidated Mines picked up a buck to close at US$23.75 on Nasdaq. Australia’s Western Mining climbed 19 to close at US$16.25.
Uncertainty in Russian palladium markets has not rattled American Stock Exchange-listed Stillwater Mining, which jumped $3.06 to close at US$44.56. Silver miner Sunshine Mining & Refining fell nearly 20% to a new low of US81.
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