The price of gold in Sydney closed on Friday at USD$661.70 per fine ounce, down USD$2.20 on Thursday’s close, newswire.co.nz reports. Gold miners rose, with Newcrest (ASX:NCM) up 43c to AUD$23.56, and Lihir (ASX:LHG) up 2c to AUD$3.25.
The San Francisco Chronicle reports that a US judge has indefinitely extended a restraining order that bars a woman indicted for allegedly running a prostitution ring in the nation’s capital from selling a collection of gold coins seized from her home, including 413 South African gold Krugerrands, 81 U.S. Liberty $50 gold coins, 320 U.S. Liberty $1 silver coins and 61 Canadian $50 gold coins. She has also been barred from transferring phone records of her clients or pursuing a civil lawsuit against her former escorts.
The Pakistani government has formed a company with a budget of Rs.1.4 billion which will develop the nation’s gem and jewellery industry, the Pakistan Times reports. The company, established in the hope of improving exports, will aim to establish Pakistan as a world class gold jewellery supplier, and will introduce assaying and hallmarking to ensure quality of gold jewellery for the local and international markets.
The Middle East Times reports that the discovery of immense deposits of minerals, including gold, in the Eastern desert near the Red Sea coast could see mining replace tourism as Egypt’s most lucrative industry. Though the legal system in Egypt has presented difficulties for mining companies wishing to commence exploration, a new code may be introduced by the end of this year that would allow companies to enter the market sometime in 2008.
It is estimated that mining could be worth USD$10.5 billion per year to Egypt, giving it the potential to be the nation’s most lucrative endeavor since the Ptolemaic era, when 95 percent of Egypt’s gold mining occurred.
The Economic Times reports that gold is on track to set record levels, “probably this year, possibly next,” according to Jeffrey Christian, Managing Director of global bullion markets research and consultancy outfit, CPM Group.
“The price of gold will range anywhere between USD$590 and USD$690 per ounce, averaging at USD$640-650 levels this year,” said Mr Christian, who believes prices will mainly be driven by investment demand.
The Daily Reckoning Australia