Friday, February 17, 2012

Gold Price Today: Share prices regain footing in early trading, CI up ; Gold price up 23 sen


Share prices on Bursa Malaysia regained their footing in the early trading Friday, tracking gains in overnight close on Wall Street with heavyweights like British American Tobacco and Sime Darby spurring the interest, dealers said.

At 9.30am, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,556.95, up 6.46 points, after opening 3.19 points better at 1,553.68.

Encouraging economic data from the United States and hopes that Greece would secure the bailout aid package resulted in global rallies in stocks, dealers said.

HwangDBS Vickers Research said this is expected to lift investors' sentiments on the local bourse today.

The benchmark FBM KLCI after losing 10.8 points or 0.7 per cent yesterday may attempt to overcome the support-turned-resistance line of 1,555 ahead, it said in a research note.

The Finance Index gained 39.52 points to 13,811.46, the Plantation Index rose 30.569 points to 8,825.14 and the Industrial Index advanced 29.84 points to 2,921.09.

The FBM Emas Index surged 49.181 points to 10,829.53, the FBM Mid 70 Index jumped 65.51 points to 12,349.6 and the FBM Ace Index rose 25.33 points to 4,680.3.

The market breath was positive, with gainers outpacing losers 303 to 74, while 191 counters were unchanged, 920 untraded and 27 others suspended.

Turnover stood at 338.698 million shares worth RM160.961 million.

Among actives, Tasek Corporation gained 59 sen to RM8.59, Amway and British American Tobacco each rose 20 sen to RM10 and RM52.50, respectively.

Heavyweights, Maybank earned four sen to RM8.54, Sime darby added 16 sen to RM9.70, Petronas Chemicals and CIMB both were flat at RM6.88 and RM7.25, respectively Read More
Posted by High Examiner at 5:06 AM Labels: 0 comments

Gold Price Today: Gold prices skyrocket leaving consumers without enough insurance


Insurance policies are supposed to protect us in the event of a loss, but consumers are finding they can't recoup the true value of their jewelry when it's lost or stolen.

If you lose a valuable piece of jewelry, you won't get a similar model ring unless your paperwork is up to date. Jewelry claims don't work like most car insurance claims where you typically get a check to cover the replacement of a similar make and model car if your vehicle is totaled.

I hadn't thought about it until it happened to a friend of ours," said a consumer named Janelle.

Consumers unable to replace lost or stolen jewelry

Tales of loss and theft are common in the jewelry business, but there's a new layer of heartbreak that consumers are learning the hard way.

"We know someone who lost her ring and when she went to get a new ring, she had to pay a considerable amount of money because the value of gold had gone up," Janelle said.

"I think it's very common that people are underinsured," said Sharon Riley, Certified Gemologist Appraiser with Gasser Fine Jewelers .

As a certified gemologist with the American Gem Society , Riley works with customers and insurance companies on replacing jewelry.

She said insurance companies pay the amount on your appraisal even if it doesn't cover replacement at today's costs. For example, say your appraisal from a few years ago says $300 and you lost that piece of jewelry.

"If the customer is not insured high enough and the piece is worth $900, he is only going to get $300," Riley said.

It's easy to be under-insured today because the price of gold is up considerably. In the last 10 years, the spot price of gold is up $1,600. This week, it's closing at more than $1,700. The spike in prices means you can make money and lose money. Most people are focusing on making money by selling their gold. It isn't until the worst case scenario happens that consumers are realizing they can lose money.

"Insurance companies suggest you get your appraisal updated every two to three years," Riley said.

Updating them every few years is important because you want an accurate value. You don't want an appraisal that's too high, because you'll pay a higher insurance premium than you have to.

Once you get that appraisal, talk to your insurance agent. Under most policies, you need to schedule expensive jewelry. It's not automatically covered under your homeowners policy. Your agent can help you with specifics and pricing.

Posted by High Examiner at 5:03 AM Labels: 0 comments

Gold Price Today: Gold Fields Profit Jumps 26% on Higher Rand Price for Metal


Gold Fields Ltd., the fourth-largest producer of the metal, posted a 26 percent increase in fourth- quarter profit on higher prices of the metal in rand, beating analyst expectations.

Earnings excluding one-time items rose to 2.65 billion rand ($341 million), or 3.68 rand a share, in the three months through Dec. 31, from 2.11 billion rand, or 2.91 rand, in the previous quarter, it said in a statement today.

That compares with the median estimate of 3.62 rand a share by five analysts surveyed by Bloomberg. Analysts who track South African gold producers measure quarter-on-quarter earnings excluding one-time items.

South African gold producers benefited from a 12 percent jump in the average local price of the metal in the quarter from the prior three months as the rand weakened against the dollar. Johannesburg-based Gold Fields produces about half of its output in the country and also has mines in Ghana, Australia and Peru.

Production fell to 883,000 ounces in the quarter from 900,000 ounces in the previous quarter, Gold Fields said. Annual output was 0.3 percent lower at 3.49 million ounces. The company declared a final dividend for the year of 2.30 rand a share.

Producers in South Africa, the continent’s largest producer of gold, gain from a weaker rand because they sell much of their output in dollars and pay most costs in rand. The average rand- dollar exchange rate slid 13 percent in the quarter from the previous three months, its biggest decline in 12 quarters. Read More
Posted by High Examiner at 4:57 AM Labels: 0 comments

Gold Price Today: Higher Gold Price Contributes to Improved Earnings


Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced net earnings for the December quarter of R2,605 million compared with R2,055 million in the September quarter and a loss of R777 million in the December 2010 quarter.  In US dollar terms net earnings for the December quarter were US$336 million, compared with US$293 million in the September quarter and a loss of US$106 million in the December 2010 quarter. Net earnings of R7,027 million (US$973 million) for the year ended December 2011 compared with R1,139 million (US$153 million) for the year ended December 2010.
December 2011 quarter salient features:
  • Group attributable equivalent gold production of 883,000 ounces;
  • Total cash cost decreased from US$851 per ounce to US$767 per ounce;
  • Operating margin of 56 per cent and NCE margin of 28 per cent reflecting good cost control and higher prices;
  • Project pipeline gaining momentum;
  • Fourth place ranking in the resources sector of the Dow Jones sustainability index.
A final dividend of 230 SA cents per share is payable on 12 March 2012, giving a total dividend for the year ended December 2011 of 330 SA cents per share.
The full results are available on the Gold Fields website: http://www.goldfields.co.za

Notes to editors

About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold with attributable annualised production of 3.5 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects in resource development and feasibility, with construction decisions expected in the next 18 to 24 months.  Gold Fields has total attributable gold equivalent Mineral Reserves of 76.7 million ounces and Mineral Resources of 225.4 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities Limited

Enquiries
Investor Enquiries
Zakira Amra Tel: +27-11-562-9775 Mobile: +27(0)79-694-0267 email: Zakira.Amra@goldfields.co.za
Willie Jacobsz Tel: +508-839-1188 Mobile: +857-241-7127 email: Willie.Jacobsz@gfexpl.com

Media Enquiries
Sven Lunsche Tel: +27-11-562-9763 Mobile: +27(0)83-260-9279 email: Sven.Lunsche@goldfields.co.za
SOURCE Gold Fields Limited Read More
Posted by High Examiner at 4:54 AM Labels: 0 comments

Gold Price Today : Gold Prices Eke Out Gain on Hopes of Greek Bond Swap


Gold prices reversed directions Thursday and eked out a gain on a Reuters report that a Greek bond swap deal could be completed over the weekend.

Gold for April delivery closed up 30 cents at $1,728.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,731.10 and as low as $1,706.70 an ounce, while the spot price was up $1, according to Kitco's gold index.

Silver prices lost 3 cents at $33.37 an ounce while the U.S. dollar index was shedding 0.49% at $79.32.

The euro gained traction against the dollar, which was helping support gold on a report that a Greek bond swap deal could be launched over the weekend. Some of Greece pairing down its debt comes in the form of a bond swap where holders trade in current bonds for new longer dated ones at a lower interest rate.

Gold had been getting hammered as the threat of Moody's downgrading 17 global and 114 European financial institutions propped up the dollar as the safe haven of choice. Gold's reversal then also triggered any short covering -- where traders buy back previously sold positions. "No one really wants to be short in front of differing headlines minute to minute from Greece," says George Gero, senior vice president at RBC Capital Markets.

"Right now it's that juxtaposition between European sovereign situation, particularly around Greece," says Will Rhind, head of U.S. operations for ETF Securities, "and that has an effect on the currencies which effects gold." Read More
Posted by High Examiner at 4:48 AM Labels: 0 comments

Gold Price Today: Gold up on Greece bailout hopes; heads for weekly gain


Gold, on course for a weekly rise of 0.8 percent, has moved in the range between US$1,700 and $1,760 since the beginning of the month, closely tracking the progress and setbacks in Greece's struggle to obtain a 130-billion euro bailout.

Hopes that Greece has finally done enough to secure a second bailout after Athens set out extra budget savings demanded by its international lenders helped riskier assets rally in the last trading day of the week.

Technical signals may have turned upbeat for gold, said Nick Trevethan, senior commodity strategist at ANZ in Singapore.

"We're at the point where we have tried the downside three or four times in the past two weeks and failed. The frustration with failure to breach the $1,700-$1,710 level might put the focus back on resistance," he said.

Lofty oil prices on concerns about supply disruption from Iran are also expected to underpin sentiment in gold, he added.

Spot gold rose 0.2 percent to $1,732.39 an ounce by 0632 GMT. Gold touched a low of $1,705.09 in the previous session, lowest since February 10.

U.S. gold gained 0.3 percent to $1,734.30.

The data from the World Gold Council, showing that global gold demand in 2011 hit a 14-year high on investment, China buying and central bank purchases, also supported gold.

Gold, traditionally a safe-haven asset, has been tracking riskier assets in the past few months as the turmoil caused by the euro zone debt crisis forces investors to sell off their gold positions to cover losses elsewhere.

Though there is increased optimism on Greece's bailout deal, investors remained cautious as the euro zone is hardly out of the woods and its debt crisis can continue to disrupt the global financial markets.

"This week is the first week in a long run that we have such tight range," said a Tokyo-based trader, referring to the narrow range of around $32 for spot gold.

"People, especially in Asia have adopted the wait-and-see attitude. Until Europe decides what to do with Greece things will be quiet."

But he said the longer-term outlook for gold will stay rosy as the U.S. Federal Reserve has pledged to keep interest rates low until at least late 2014, boosting inflation outlook and supporting bullion.

Spot silver edged up 0.2 percent to $33.51, off a three-week low of $32.64 hit in the previous session. The metal remained the top performer of the complex with a 21 percent year-to-day climb.

Spot platinum gained 0.6 percent to $1,629.74, headed for a weekly decline of 1.4 percent, after six straight weeks of gains.

Spot palladium was flat at $690.97, but on course for its biggest one-week drop in six weeks. Read More
Posted by High Examiner at 4:43 AM Labels: 0 comments

Gold Price Today : Gold ticks up on euro recovery amid Greek optimism, risk rally possible in PM


Spot gold edged $2.80 higher to $1,731.00/1,731.80 per ounce, recovering after yesterday's 1.3-percent fall. On the charts, resistance is now pegged at $1,737 and then $1,740, while support stands at $1,730 and the 21-day moving average of $1,721. The metal is in better shape to break out on the upside after last night's positive close.

Asian markets remained quiet overnight amid a lack of volume in the overall precious metals complex, while little action is expected today ahead of next week's Greek bailout decision.

Eurozone officials said on Thursday that they were putting the finishing touches to a second bailout deal for Greece for approval on Monday.

The euro, which dropped to one-month lows under 1.30 against the dollar on Thursday, was trading around a steadier 1.3135 this morning - hopes have picked up that Greece has done enough to secure the bailout after it slashed its budgets further.

But the swingeing cuts are unlikely to find favour with an already indignant Greek public, a trader said.

"With such obvious tensions simmering barely beneath the surface, Monday feels a long way off, and headline risk will be heightened over the weekend," he said.

Some positivity emanated from the recent run of largely constructive US economic figures - jobless claims unexpectedly fell last week to a near-four-year low, January housing starts came in better than forecast and the pace of factory activity gained momentum.

And positive CPI figures are also anticipated today - these could prompt a risk rally in afternoon trading hours.

But while the US economy appears to be improving, Europe's economic activity is restrained and China has yet to pick up fully in the wake of the Lunar New Year. This is seen keeping the short-term picture uncertain in the wider commodity sector.

Among other precious metals, silver was steady at $33.49/33.53 per ounce - the metal dropped to a three-week low of $32.64 per ounce yesterday.

Elsewhere, platinum rose $2 to $1,630/1,640 per ounce, having fallen to a 10-day low of $1,603.50 per ounce in the previous session. But palladium remained in negative territory at $687/704, down $8.50 but higher than a three-week low of $676.50 hit on Thursday.

The PGMs are likely to keep be supported by the work stoppage over wages at Implats' Rustenburg mines, which started on January 18 and has already cost the company more than 60,000 ounces in lost output.

"With a production volume of around 920,000 ounces planned for this year, Rustenburg accounts for 14 percent of the world’s total platinum production," broker Commerzbank said. "If no agreement is reached in the near future, this should lend clear support to the price of platinum." Read More
Posted by High Examiner at 4:40 AM Labels: 0 comments

Gold Price Today: per Ounce Spot gold price per gram; Silver price per ounce; Gold Rates Silver Rates Today

Gold price Market News Silver Price Market News Today:
Both gold and silver price trends skewed positively during the last trading session. Gold and silver prices were both posting green at the halfway point in the session and the positive momentum carried through to the end of day close.

Price trend-lines for spot gold per gram and spot silver per ounce were posting green at the mid-day mark of the session as well. Gold price trends moved positively last session as its safe haven appeal grew stronger. The surprise cancellation of the meeting between eurozone leaders to solidify bailout funds for Greece made a lot of investors nervous. As a result, safe haven appeal of precious metals notched higher.

Close Price review for precious metal gold and silver contracts:
Gold and silver contracts both finished the last session in the green. April contract gold closed the last session green by .61 percent at 1728.10 per troy ounce. Silver contract for March delivery finished the last session higher by .18 percent at 33.41 per troy ounce.

Spot gold price per gram and spot silver price per ounce trends:
After last session close, spot gold price per gram trends were posting green but spot silver price per ounce trends were posting red. Prior to opening bell this morning, spot gold price per gram and spot silver price per ounce trends were posting in the red. Spot gold per gram was at 55.25 and spot silver per ounce was at 33.23. Read More
Posted by High Examiner at 4:37 AM Labels: 0 comments

Gold prices today: Gold price gains Rs 60, silver falls by Rs 300


Gold prices today rose by Rs 60 to trade at Rs 28,340 per ten gram at the bullion market here on seasonal demand and firm global trends.

Silver price, however, fell by Rs 300 to Rs 55,900 per kg on reduced offtake.

Traders said pick up in demand supported by ongoing marriage season amid firming global trend mainly helped gold prices to gain further ground.

Reduced offtake by industrial units and coin makers at existing higher levels led to fall in silver, they said.

Gold in global markets, which normally set price trend on the domestic front, rose by 7 dollar to 1728.10 dollar an ounce in New York last night.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 60 each to Rs 28,340 and Rs 28,200 per ten grams respectively, after gaining Rs 115 yesterday.

However, sovereign continued to be asked around previous level of Rs 23,400 per piece of eight gram in scattered deals.

Silver ready fell by Rs 300 to Rs 55,900 per kg and weekly-based delivery by Rs 355 to Rs 56,300 per kg.

Silver coins remained steady at Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces. Read More
Posted by High Examiner at 4:31 AM Labels: 0 comments
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