Gold gained half a percent on Wednesday, on course for its biggest one-day rise in a week, on hopes Greece would deliver on a commitment to implement tough austerity measures and on China's pledge to keep investing in euro zone government debt.
The precious metals market followed Wall Street's skid today, as gold and companies that peddle it were driven down by underwhelming retail figures in the U.S., and ongoing concerns over Greece and the Eurozone.
Gold dropped on Tuesday as the dollar rallied versus the euro onrenewed fears of credit downgrades in major European economies and uncertainty over Greece's bailout.
Gold prices climbed on Monday as news that Greece's parliament had approved an austerity bill needed to release a second round of bailout funds lifted the euro, while platinum rose back towards a three-month high as supply issues flared up.
Precious metals miner Claude Resources Inc said it produced about 15 percent lesser gold in the fourth quarter, hurt by lesser production from its Santoy 8 mine in Saskatchewan.
Gold prices have been too volatile to play a reliable role as a hedge against inflation, a study of financial assets over the past 112 years showed on Tuesday.
Harmony Gold, South Africa's third-largest bullion miner, cut its full-year production target by 13 percent on Monday, as safety stoppages threatened to crimp a surge in profit from record gold prices.
Royal Gold Inc., reported record second quarter 2012 profits on Friday due to increased mineral production and high gold prices, despite falling well short of analyst expectations.
Precious metals enjoyed a steady climb on Thursday despite a slow day for the broader market, as gold futures reached an eight-week high while the dollar fell briefly and concerns about the Greek debt crisis subsided slightly.
Anglo American Platinum, the world's largest producer of the precious metal, has agreed to help boost production at Anooraq Resources' Bokoni Platinum Mine through a new 2.6 billion rand ($325 million) capital development programme.
Shares of London-based Hochschild Mining closed Wednesday up 5.91 percent to £523.50 ($829.24), solidly outpacing the rise in the price of silver.
OroCash, Italy's biggest buyer of used gold jewelry, expects business to flourish this year with the opening of 150 new collection points in Italyand abroad as high gold prices and unfolding economic crisis prompt people to sell family assets.
Gold rose on Wednesday as the dollar slipped against the euro and on strong global manufacturing data, while analysts said profit taking could pressure the precious metal after its biggest January gain in 32 years.
Denver-based Gold Resource Corp. said Monday it produced about 66,125 ounces precious metal gold equivalent last year, of which about 19,900 ounces were produced in the fourth quarter.
Gold prices posted a modest gain Friday, capping a three-day rally as well as a week in which the yellow metal jumped 4.15 percent.
Fortuna Silver Mines Inc., one of Latin America's fastest growing silver producers announced Thursday its silver production in the last year rose by 31 percent, the fifth consecutive year the company's production grew.
The outlook on platinum prices is cautious, said UBS, due to a deteriorating European truck market fueled by the crisis in Europe. The precious metal is a key component in catalytic converters for heavy duty diesel vehicles, tying platinum's outlook to the continued production of cars and trucks.
Randgold Resources expects its Tongon gold mine in northern Ivory Coast to produce more than 270,000 ounces in 2012, after falling short of the 270,000 ounces target in 2011, chief executive Mark Bristow said on Friday.
Gold edged lower on Thursday as the euro's retreat from highs in the wake of U.S. economic data prompted some buyers to cash in gains in the precious metal after a three-day run higher took prices to their strongest since mid-December.
For Chinese shipping executive Ping Bo buying gold is the best way to protect his family's wealth and give his 10-year-old son a headstart into adulthood.
Former House Speaker and current Republican presidential candidate Newt Gingrich said the United States should consider returning to the gold standard.
Gold futures rose slightly on Wednesday, as increases in the price of the precious metal were spurred on by a weaker dollar but limited by profit-taking. On the New York Mercantile Exchange, Gold for February delivery, rose $4.30, or 0.3^*1, to $1,659.90 an ounce.
