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Tuesday, January 17, 2012

gold prices rose january 17 2012

gold prices rose january 17 2012 ; Gold prices rose sharply this afternoon as optimism that confidence in Europe’s ability to keep its debt problems under control is on the rise reduced demand for the safe-haven US dollar, an alternative investment to the yellow metal.

Despite yesterday’s downgrade by a notch to AA-plus by Standard & Poor’s, the European Financial Stability Facility (EFSF) sold €1.5 billion of short-term debt today.

Another auction held in Europe today also went well with Spain raising €4.88 billion, while seeing yields on its 12 month notes fall more than two percent. Demand was high at both auctions with bid to cover ratios reaching three.

Meanwhile, the Thomson Reuters GFMS annual gold survey lifted demand for gold further, showing a 20 percent surge in gold demand to US$80 billion in 2011 and that the price of gold could hit US$2,000 per ounce late this year.

Gold traded at US$1,660/oz, up US$17 from Monday’s close. Silver rallied 39 cents to US$30.36/oz and platinum added US$31 to trade at US$1,524/oz.

The top risers in the sector were:
Greatland Gold (LON:GGP), up 11 percent at 1 pence at midday
GGG Resources (LON:GGG), up 10.5 percent at 12.7 pence
Oxus Gold (LON:OXS), up 9 percent at 1.5 pence
Ariana Resources (LON:AAU), up 7 percent at 4.68 pence
Cluff Gold (LON:CLF), up 4.5 percent at 77.25 pence

The top fallers were:
GoldStone Resources (LON:GRL), down 7.5 percent at 4.75 pence at midday
Orsu Metals (LON:OSU), down 7 percent at 8.6 pence
Ortac Resources (LON:OTC), down 4 percent at 0.87 pence
Mariana Resources (LON:MARL), down 3.5 percent at 10.29 pence
Central Rand Gold (LON:CRND), down 3 percent at 1.04 pence For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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