US golds take hit as price falls

A steep dip in the price of gold pushed U.S. gold producers lower over the April 2-8 report period. The yellow metal was fixed at US$324.10 per oz. on the morning of April 9, for a loss of $6.15 on the week.

Newmont Mining was the most active of the bunch, falling 73 on a volume of roughly 15.6 million shares, ending at US$25.15. Also down on heavy trading was Gold Fields, which dropped 36, to US$9.99, as 7.6 million shares changed hands.

Among the smaller producers, Hecla Mining slipped 13 to US$3.11, Durban Deep dropped 18 to US$2.40 and Ashanti Goldfields sunk 23 to US$5.30. Bucking the trend was royalty company Royal Gold, which climbed 50 to US$14.40.

The international conglomerates were a mixed bag: Anglo American slipped four pennies to US$14.46; BHP Billiton, which announced its decision to sell a quarter-stake in Bajo de la Alumbrera for US$180 million, rose 27 to US$11.36; and WMC Resources climbed 67 to US$10.39. Also making considerable gains was aluminum giant Alcoa, which rose $2.15 as it settled a dispute regarding emissions at its smelter in Texas.

Copper miner Freeport-McMoRan Copper & Gold rose $1.05 to US$18.09 as it declared a quarterly cash dividend of US9 per common share. The major also had bought US$100.5 million worth of its 7.2% senior notes due in 2026, leaving 60% of them still trading.