Commodities bounced off lows on Monday after one of the biggest sell-offs since the 2008 financial crisis turned into cautious buying on hopes that Europe would prevent its debt crisis from dragging down the global economy.
Gold will continue to serve as a hedge against risk on a longer-term basis despite recent falls, given the lack of other safe-haven assets to protect investors against global economic uncertainty, a manager at Stenham Asset Management said.
Gold's toppling from record highs, culminating in Monday's unprecedented $120 price plunge, has investors asking whether a decade-long bull run is over. History would suggest that while gold has taken a beating, it is far from down and out.
Mindoro Resources Ltd. said it found high-grade gold at its Lobo mine in Batangas Province, the Philippines.
Copper slumped to a 14-month low on Monday, adding to sharp falls from the last three weeks, as fears of a Greek debt default and the threat of a global recession sparked heightened concerns about demand for industrial metals.
The Mongolian government will seek to accelerate the timetable to increase its stake in the country's giant Oyu Tolgoi copper-gold project to 50 percent, Mining Minister Dashdorj Zorigt said on Sunday.
About 4,200 workers at Freeport McMoran Copper & Gold Inc's Indonesian mine, mainly contractors and nonunion staff, have returned to work, allowing some mining to resume, but around 8,000 remain on strike, the firm's spokesman said on Monday.
Spot gold fell 5.2 percent and silver dropped by the most in three years, extending Friday's rout as investors bolted for the ultimate safe havens of cash and the dollar.
Global mining giant Rio Tinto will respond to any request from the Mongolian government to discuss its investment in the country's giant Oyu Tolgoi copper-gold deposit, but still expects the original 2009 agreement to be honoured.
World stocks came off their lows and the euro inched up from an earlier 10-year trough against the yen on Monday as speculation that the European Central Bank might cut interest rates to help the economy countered concern over the euro zone debt crisis.
European stock index futures fell on Monday, following a slump in Asian shares, and the euro slid amid skepticism that Europe's latest efforts to contain its sovereign debt crisis can prevent it from wreaking more damage on the world economy.
The Mongolian government will seek to accelerate the timetable to increase its stake in the country's giant Oyu Tolgoi copper-gold project to 50 percent, Mining Minister Dashdorj Zorigt said on Sunday.
Global mining giant Rio Tinto will respond to any request from the Mongolian government to discuss its investment in the country's giant Oyu Tolgoi copper-gold deposit, but still expects the original 2009 agreement to be honored.
Gold prices slumped more than $100 an ounce on Friday, the biggest fall on record in dollar terms, as traders sold to cover losses, while global stocks edged up on expectations the European Central Bank will take new measures to contain the euro zone debt crisis.
Zambian opposition leader Michael Sata, a critic of Chinese investment, was sworn in as president on Friday after an upset poll victory that ushered in a smooth handover of power in Africa's biggest copper producer.
World stocks came off 14-month lows on Friday on expectations policymakers would take further action to ease the Eurozone debt crisis, while commodities fell broadly on worries about a global economic slump.
Banda conceded to Sata on Friday, ending three days of riots and protesting. The presidential vote was held nationwide on Tuesday, but the government had been slow to tally the votes, a fact which angered eager Zambians.
Sata has long complained about undue Chinese influence upon the Zambian economy and political life.
Freeport Indonesia's labour union may extend its strike at the Grasberg copper mine beyond one month, since talks with management were deadlocked, union official Juli Parorrongan told Reuters on Friday.
U.S. gold futures posted their steepest losses in a month on Thursday, dragged down by a global flight from risk that raises new questions about bullion's value as a safe haven and the sustainability of its long rally.
European shares were poised to claw their way off 26-month lows on Friday, but Asian stocks slid on fears of renewed recession in the developed world and as a pledge from the G20 to preserve financial stability left investors largely unimpressed.
After 85 of 150 voting districts have been tallied, Sata leads the race with 43 percent of the vote, compared to President Banda's 36 percent. However, Banda still leads in the most recent opinion polls.
