The spot price of gold closed slightly higher at USD$664.10 an ounce on Sydney trading yesterday, up USD$0.80 an ounce on Friday’s local close, the Herald Sun reports. Gold miners fell, with Newcrest (ASX:NCM) dropping 46c to AUD$23.33, Newmont (ASX:NEM) losing 8c to AUD$5.16, and Lihir Gold (ASX:LHG) shedding 6c to AUD$3.20.
MarketWatch reports that gold futures climbed on Monday to close at their highest level in three trading sessions, as some traders reacted to the stand-off between Iran and the UK. “Geopolitics should not be ignored as the pendulum could swing from diplomacy to confrontation over a single word or nuance,” Jon Nadler, an analyst at Kitco.com, said. Gold for April delivery climbed USD$2.70 to close at USD$665.70 an ounce on the New York Mercantile Exchange.
South Korea’s foreign exchange reserves have increased by more than USD$1 billion in March. Yonhap news reports that, according to the Bank of Korea, the nation’s foreign reserves reached USD$243.9 billion. Foreign reserves consist of gold bullion, as well as securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions and special drawing rights.
The World Gold Council reports that the Dubai Gold and Jewellery Group has held its annual party, honouring some of the 700 members of Dubai’s jewellery businesses through a customer choice award program. Among those awarded were Damas Jewellery, which received the Customer Choice Award and ARY Jewellery, which received the Service Excellence prize. SKY Jewellery and Al Kanz Jewellery were also praised.
Barrick Gold (NYSE:ABX) is likely to make a formal development decision to go ahead with its Buzwagi gold project in the coming months, boosting Tanzania’s mining sector, AllAfrica.com reports. Buzwagi will be Barrick’s fourth operating mine in the country, and will operate as an open pit mine producing 12,000 tonnes a day.
A couple has been arrested in Pretoria, South Africa, in possession of four kilograms of solid, unprocessed gold, IOL reports. Caught trying to sell the gold in Lenasia, the man and woman will appear in court soon on charges of being in the unlawful possession of precious metal. Police also found a substantial amount of cash on the suspects.
The Daily Reckoning Australia