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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