Mining World

Gold, little changed below US$1,000 an ounce in London Friday, may fall as lower oil prices curb demand for the metal as a hedge against accelerating consumer prices.

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Chinese spot steel prices eased 0.8 percent in their fifth consecutive weekly fall, but the pace of their decline slowed, as mills started reducing production amid rising inventories and falling prices.

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Gold headed for a fifth weekly advance, the longest winning streak since November 2007, reported Bloomberg, as investors bought precious metals and other commodities on the expectation that an economic recovery will jumpstart inflation.

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Gold steadied on Friday as light buying emerged on dips toward $1 000 per ounce, after it declined $12 in the previous session from an 18-month high.

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Stocks of gold-mining companies have enjoyed solid gains as the metal breaches key resistance levels, but appreciation from here may be minimal.

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Nearby gold futures extended their record high above $1,000 an ounce Wednesday and the most-active contract pushed toward its own all-time peak, supported by continued U.S. dollar weakness and technical momentum.

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Gold rose above $1 000 on Friday as the precious metal continued to benefit from a weaker dollar amid growing risk appetite and inflation fears due to stronger oil prices.

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Industrial metals tumbled on Thursday, with copper losing as much as 3 percent of its value, as doubts about the pace of recovery and persistent increases in inventories reignited concerns about near-term demand prospects.

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Gold cracked $1,000 an ounce this week. A concern about faster inflation and the dramatic stock-market decline that devastated 401(k)’s and individual retirement accounts begs the question: Is gold a good retirement savings vehicle?

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China’s iron-ore imports slipped 15% in August from a record in July to their lowest in six months, displaced by growing domestic output which fed record steel production.

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Steel billet prices in the Black Sea and Turkey market have edged up this week on the back of firm scrap prices and steel mills offering high prices as they bet on a recovery in buying over the coming weeks.

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China imported 49.68 million tonnes of iron ore in August, down 14.5 percent from a monthly record hit in July, the customs authority said on Friday.

Steel product exports grew 15 percent from the previous month to 2.08 million tonnes in August, but were 73 percent lower than the same period last year, as financial woes hit the global economy.
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