SHARE prices of gold mining companies across the globe took a dive Monday after prices for the precious metal plummeted for a second straight day. The plunge of gold prices news has been resounding around the world in recent weeks

Exchange-traded funds were dumping their gold holdings amid a more pessimistic outlook for gold, which was spooking the market, he said.

Gold prices and news in australia

SHARES in Australia’s gold miners are being punished for a second consecutive day after the price of the precious metal was smashed overnight. Gold stocks in Australia tumbled nearly 10 per cent amid worries that a prolonged lower gold price will wipe out their margins.

 

The price of gold plunged more than nine per cent to a two-year low in overnight trading – its biggest fall in three decades in australia

GOLD prices plunged more than 9 per cent Monday, to a two-year low, capping two days of turbulent trading that saw the sharpest losses for the precious metal in recent history.

Since last Thursday, gold prices have dropped by more than $US200 to $US1,360.60 an ounce on the Comex division of the New York Mercantile Exchange.

World Gold Prices – US gold markets

Gold prices have fallen by more than $US200 an ounce—the most over two sessions in dollar terms since gold futures began trading in the US in 1974.

Gold for April delivery, the front-month contract, settled Monday down $US140.40, or 9.4 per cent, at $US1360.60 an ounce on the Comex division of the New York Mercantile Exchange.

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Gold traded briefly back above the $1400 level in early New York trading, before retreating back into the range. The market continues to be underpinned by considerable physical interest, both in Asia and here in the U.S

CANADIAN gold producer Iamgold has predicted that rising self-sufficiency in US oil production could rob the global gold industry of one it biggest friends — a weak US dollar and its role in driving gold prices higher.

As beyondbrics reported on Tuesday, there may be some positive effects for India, one of the biggest gold buying countries in the world.

Australia’s largest gold miner, Newcrest Mining, had tumbled seven per cent, or $1.25, to 16.67, following an eight per cent fall on Monday.

Australian gold stocks

Evolution Mining, plunged 22.5 cents, or 18.5 per cent, to 99 cents,

Alacer Gold was 30 cents, or 10 per cent, weaker at $2.77

St Barbara shed 10 cents, or 11.1 per cent, to 80 cents.

PanTerra Gold tried to calm investors but Its shares still lost 0.3 of a cent, or 3.5 per cent, to 8.2 cents.

IS it safe to invest in gold  in 2013

Fat Prophets resources analyst David Lennox said he could not see gold getting much support in the short term. 

The U.S. Mint is reporting sales of 147,000 ounces in April thus far, with two more weeks left in the month. 

Barrick Gold Corp. and Newmont Mining Corp., the world’s two largest producers, are among companies in the FTSE Gold Mines Index that have collectively lost about US$169 billion in market value since bullion peaked in 2011.

Rivkin global analyst Tim Radford said investors were favouring US dollars over gold and silver as a currency amid lowered future expectations for global economic growth rates and inflation. Cyprus’s plans to sell gold to resolve their debt situation. 

In fact, Money Morning Global Resources Specialist Peter Krauth recently outlined how the Cypriot banking crisis is a major reason to be investing in gold. Don’t miss his analysis here. 

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• Money Morning: Does Investing in Gold Top Your List of Best Investments?
• Financial Times: Equities rally sparks gold funds sell-off
• CNCB Video: Gold’s Fundamentals Remain Attractive

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