The price of gold has fallen about 1.2 percent during the week as concerns over the Eurozone debt crisis linger and China shows signs of weakness.
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Gold prices weakened earlier this week as a result of China reducing growth estimates to an eight-year low of 7.5 percent. On a relative basis, the current price of gold represents a 1.2 percent total decline from last week.
Ghana is Africa’s second biggest producer of gold, and hosts more estimated reserves than such prolific gold producing nations as Peru and Papua New Guinea. Last year, production rose more than 12 percent, with output at the country’s two biggest mines increasing.
Indonesia’s total estimated gold reserves are approximately equivalent with those of the United States; however, last year Indonesia produced less than half the total of gold compared with the United States. For investors with a more risk tolerant profile, this divergence might suggest a potential for undervalued regional gold opportunities.
North Arrow Minerals Inc. (CVE:NAR) announces that preparations are underway to resume exploration on the Company's wholly owned Hope Bay gold project in Nunavut.