FUNDAMENTALS
* Spot gold edged up 0.1 percent to $1,490.75 an ounce by 0047 GMT. U.S. gold futures GCv1 were little changed at $1,491.
* Euro zone finance ministers approved a three-year, 78-billion euro emergency loan programme for Portugal on Monday. The decision eased worries on the region's sovereign debt crisis and helped lift the euro from its seven-week low against the dollar. [ID:nLDE74F0XV]
* Billionaire financier George Soros dumped almost his entire $800 million stake in bullion in the first quarter, while John Paulson kept his enormous SPDR Gold Trust position largely unchanged. [ID:nN16628736]
* Spot silver rose by 1.2 percent to $33.97, regaining some ground from the 5-percent decline in the previous session. U.S. silver SIcv1 inched down 0.4 percent to $33.99.
* "There is some physical buying in Asia. The Chinese may be purchasing during our time zone, but prices could test lower levels once Europe and New York markets open," said a Hong Kong-based trader.
* Inflation concerns rose in Europe as energy costs pushed up euro zone inflation in April, potentially adding to the appeal of bullion as an inflation hedge. ID:nLDE74F0ZA]
* Platinum group metals refiner Johnson Matthey said that palladium attracted so much speculative money last year that it would struggle to lure enough new investors to repeat that rally in 2011. [ID:nLDE74C16H]
MARKET NEWS today May 17 2011
* The Nasdaq sank, leading U.S. stocks lower on Monday, asinvestors sold recent winners in a sign of growing unease with pockets of U.S. economic weakness.
* The dollar edged up against a basket of currencies on Tuesday, as the euro rebounded from a seven-week low against the dollar, but downside risks persisted.
PRECIOUS-Gold steady, silver rebounds as Asian buying supports
SINGAPORE, May 17 (Reuters) - Gold held steady on Tuesday and silver rebounded from the 5 percent drop in the previous session, as some Asian physical buying offset the influence of a slightly stronger dollar. Read More...
Mindoro Reports 76 Meters of Copper-Gold in Step Out Hole at Pan De Azucar
Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN 906167) is pleased to announce results from drillhole PDA-25, a step out hole testing for the eastern boundary of the Valderama massive pyritic sulphide mineralization at Pan de Azucar Project, Iloilo Province, Philippines. Read More...
Ark Mines Limited (ASX:AHK) To Expand Tenement Holding Around Babinda Project To Target Gold, Silver And Base Metals
New South Wales focused polymetallic exploration company Ark Mines Limited (ASX:AHK) today announced that is has applied for 99 exploration units totalling 287 km2 in the Lachlan Fold Belt near to the company's Babinda project.Read More...
Branded jewellery leads Mother's Day gifting
Jewellers reported high consumer demand for branded jewellery in the week leading up to Mother’s Day, although many conceded that the calendar event did not help increase revenues. Read More...
Ark Mines looks to expand gold copper exploration footprint in Lachlan Fold Belt
Recently listed Ark Mines (ASX: AHK) has applied for 99 exploration units totalling 287 square kilometres in the prospective gold copper silver Lachlan Fold Belt near the company’s Babinda Project in New South Wales. Read More...
GLOBAL MARKETS-Asia stocks mixed on signs of US recovery slowdown
router Crude was dragged lower as US wholesale gasoline prices fell below $3 a gallon ... Gold held steady and silver rebounded from a 5 percent drop the previous . Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today
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