Gold catches up on market breather

In the holiday-shortened report period that ended on July 4, the Dow Jones industrial average climbed 56.21 points to close at 10,560.67.

Gold rebounded to US$290.10 on the Comex division of the New York Mercantile Exchange on a technical rally, though most producers were mixed. New York Stock Exchange-listed Newmont Mining slipped 25 to US$21.75, while South Africa’s AngloGold dipped 19 to US$20.06. Homestake Mining lost 13 to close at US$6.81, as Peru’s Minas Buenaventura jumped $1.13 to close at US$17.19. Nasdaq-listed Lihir Gold continued climbing to close at US$8.38, up 76.

Copper held firm at US82 per lb. on Comex, though Phelps Dodge plunged $3.69 to a new low of US$38 after disclosing anticipated lower-than-expected second-quarter earnings. Class B shares of Freeport-McMoRan Copper & Gold bounced up 13 to US$9.75, while Southern Peru Copper gained $1 to close at US$12.50.

American Depository Receipts for Rio Tinto continued climbing after the company announced plans to take over Australia’s North Ltd. Rio was up $2.88 to US$66.88. De Beers Consolidated Mines rose 69 to US$24.44 after making a bid for Vancouver’s Winspear Resources.

Platinum miner Stillwater Mining picked up $1.06 to close at US$27.25 for the week, though, at presstime, Russia’s Noril’sk Kombinat expects to resume metal sales to Japan.

Apex Silver Mines was off 19 to US$9.75, despite having posted encouraging drill results from the Platosa project in Mexico. Australia’s WMC added $1 to close at US$18.25.