This morning, as tensions in Ukraine receded, gold fell 1.3 percent, or $17.34, to $1,333.50 an ounce. Meanwhile, US gold futures for April delivery were down $16.70 an ounce, to $1,333.50.
Articles Tagged "russia"
This morning, gold gained more than 1 percent, or $17.85, to trade at $1,343.64 an ounce. Meanwhile, gold futures for April delivery rose 1.73 percent, or $22.90, to hit $1,344.50 per ounce.
The Wall Street Journal reported that in January, Russia increased its output of gold, palladium and platinum by a respective 7.3, 4 and 40 percent.
Reuters reported that in 2014, Russian gold production is likely to sink by 5 percent. The country's production of the yellow metal rose to a record level of 254 tonnes in 2013.
Bloomberg reported that Russian gold and silver miner Polymetal (LON:POLY) announced that they anticipate write downs of up to $340 million in assets on weak gold prices.
China, Australia and the United States were the top bullion producers in 2012.
The gold price started the week on a tear as bargain hunters put the pedal to the metal on bullish comments from the US Fed chair. Good economic news, however, beggared the price, and by the end of the week gold was struggling again.
The ship that went missing while carrying gold ore from a Polymetal mine has been found. One body was also found and one person has been arrested.
Gold Investing News identifies the top-ranked countries and their gold reserves for 2011.
BHP Billiton and Millhouse Capital, owned by billionaire Roman Abramovich, may form a joint venture to develop one of the largest gold deposits in Russia's Chukotka region.