Hide News  Gold Recovers In Intraday Moves To Trade Near $1200 Levels
Feb 09, 2016  18:34

Gold carved out steady gains in intraday moves, recovering from lows amid sustained weariness in global equities and good bargain buying in the yellow metal after recent gains, European banking worries continued to weigh on the sentiments. Japanese stocks tumbled more than 5% to approach precariously near its 16-month low. Gold recovered after edging near $1190 per ounce mark and currently trades at $1197 per ounce, almost unchanged on the day. The yellow metal tested $1200 per ounce yesterday- its highest mark in around eight months. MCX Gold futures also mimicked the same moves, recovering from lows near Rs 28200 per 10 grams and currently trade at Rs 28420 per 10 grams, down 0.13% on the day.

Mining giant Newcrest Gold has halted operations at its Indonesian mine and is attempting to rescue a worker trapped 300 meters underground following a geo-technical event, according to media reports. The employee was unaccounted for after the immediate evacuation of the Kencana mine at the Gosowong Gold Mine in Indonesia. All mining and processing operations at Gosowong, which was forecasted to produce 300,000 to 350,000 ounces of gold in the year to July, have been suspended, Newcrest said.

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