The spot price of gold was USD$678.65 at close of trade in Sydney yesterday, up USD$6.30 from Friday’s closing price of USD$672.35 per fine ounce. Gold miners were mixed, with Lihir (ASX:LHG) up 2c to AUD$2.98, Newmont (ASX:NEM) unchanged at AUD$5.18 and Newcreast (ASX:NCM) falling 54c to AUD$23.26, the Herald Sun reports.
Shanghai Daily reports that the World Gold Council expects 18-carat gold jewellery to account for 20% of mainland China’s gold jewellery sales this year. This would mean 20% annual growth in 18-carat jewellery sales.
The council has campaigned in five cities – Shanghai, Beijing, Guangzhou, Shenyang and Hangzhou – to promote the gold. Known as ‘K-gold’, it is 75% pure and last year accounted for 18% of China’s mainland gold jewellery sales.
Operations have commenced at the biggest gold mine in Iran, IranMania reports. Iranian authorities have issued a permit for the Zarshouran gold mine, in the northwestern city of Takab, following 20 years of exploration by domestic and international companies.
The mine is expected to produce three tonnes of gold ingots annually. According to current estimates, a total of 50 tonnes of gold can be extracted from the mine.
Online payment service E-gold and parent company Gold & Silver reserve have been charged with money laundering, SecurityFocus reports. Court documents reveal that the company’s four owners knowingly allowed criminals to use their services, thereby profiting from these crimes. E-gold has denied the charges.
The E-gold service requires no identity verification other than an email address, and therefore became the preferred method of payment for criminals including identity thieves and child pornographers. E-gold claims to be the only digital payment service backed by tangible assets, primarily gold.
Teal Mining (TSE:TL) has commenced a pre-feasibility study for a new gold mining operation at its Otjikoto Gold Project in Namibia. An initial resource upgrade estimation is currently being completed at the mine, Business iAfrica reports.
Rick Menell, Teal’s president and CEO said: “Teal has completed an assessment study related to the viability of a mining operation at Otjikoto, which has a current resource of 1.3 million ounces of gold. The positive conclusion of this study has motivated us to start immediately with a pre-feasibility study of the mineral resource.”
The Daily Reckoning Australia