Gold holds steady at $1,795 as US dollar climbs
Gold failed to break through the US$1,800 per ounce level today under pressure from a rising US dollar, which got a boost from the outcome of a key budget vote in the Italian parliament.
While current Prime Minister Silvio Berlusconi won the vote with 308 votes, he failed to secure an absolute majority, adding to doubts that he does not have enough support within his coalition to lead the country's efforts to resolve its fiscal problems.
The results of the vote put more pressure to resign on Berlusconi, who was asked to step down before the vote by one of his key allies in the ruling coalition Umberto Bossi.
While making little headway, the yellow metal managed to hold on to the current level of just below US$1,800 thanks to strong safe haven demand, which is stimulated by continuing economic uncertainty in Europe.
Gold traded at US$1,795/oz this afternoon, unchanged from Monday's closing level. Other precious metals were headed in different directions with silver dropped 10 cents to US$34.88/oz, while platinum rose US$6 to US$1,662/oz.
Today's top risers in the sector were:
Shanta Gold (LON:SHG), up 17 percent at 23.85 pence at midday
Hambledon Mining (LON:HMB), up 11 percent at 3.89 pence
Caledonia Mining (LON:CMCL), up 9.5 percent at 5.75 pence
Angel Mining (LON:ANGM), up 6.5 percent at 1.38 pence
ECR Minerals (LON:ECR), up 4.5 percent at 1.23 pence
The top fallers were:
African Consolidated Resources (LON:AFCR), down 11.5 percent at 2.88 pence at midday
Mariana Resources (LON:MARL), down 9 percent at 8.08 pence
Greatland Gold (LON:GGP), down 7 percent at 1.16 pence
Ariana Resources (LON:AAU), down 4 percent at 4.81pence
Metals Exploration (LON:MTL), down 3.5 percent at 12.04 pence
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