source: MiningNews.net - Final Call Newsletter - Monday, 5 May 2008
Spot gold was trading $US7.3 higher at $862.75 an ounce at 3.34pm EST.
Miners of the precious metal on the Australian Securities Exchange followed the gold price higher with Newcrest Mining closing 70c higher at $28.30, Lihir Gold adding 10c to close at $3.08, Centamin Egypt gaining 5c to $1.40 and Sino Gold closing 9c higher at $5.19.
Macquarie expects the gold price to rebound to above $900 per ounce by the second half of 2008, citing that the drivers of gold’s recent rally to over $1000/oz were "still bubbling away".
"Within this environment of rising inflationary pressures, concern about the US Federal Reserve's clear bias towards its growth objective – potentially at the detriment to its inflation objective – is likely to be another bullish factor for sentiment,” Macquarie said.
LGL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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