The Dow Industrials got pummeled during the report period ended March 7, falling 332.28 points, or 3.3%, to 9,796.03. It was the second time in two weeks the Dow had dipped below the 10,000 mark, as traders abandoned the broader market for high-tech stocks.
However, gold’s rally as a result of the turbulent market was anemic, as the price of the yellow metal rose slightly to US$292.20 on the Comex division of the New York Mercantile Exchange.
Major producers were up, led by Newmont Mining, which jumped $2.32 to US$24.44, and AngloGold, up $1 to US$26.62. Other South Africans were higher, including Nasdaq-listed Gold Fields, which gained 25 to close at US$4.81, and Durban Roodepoort Deeps, which advanced 12 to US$1.56.
Homestake Mining closed at US$6.94, up 44; Meridian Gold slipped 18 to US$5.94; and Ashanti Goldfields lost 31 to close at US$2.31.
Peru’s Minas Buenaventura added $1.56 to close at US$19, after reporting strong earnings. Coeur d’Alene Mines rose 37 to US$3.75.
Southern Peru Copper slumped $1.37 to US$13.88 as the spot price of the red metal settled down to US78 per lb.
Among other commodities, palladium-producer Stillwater Mining jumped up $3.13 to US$40.25, while De Beers Consolidated Mines gained $1.31 to close at US$24.25.
The highest trading volume for the week went to tiny Casmyn, which dropped 2 to close at US2 on trading of 43.7 million shares. The company, which is going through reorganization, could not account for the high volume.
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