NEW YORK, NY--(Marketwire -03/27/12)- Gold prices posted the biggest one-day rise so far this month on Friday, reflecting higher oil prices and a sharp fall in the dollar as a result of disappointing U.S. housing market data. Another contributing factor was jewelry shops in India, the world's largest buyer, ending a five-day shutdown Thursday. The Paragon Report examines investing opportunities in the Gold industry and provides equity research on Eldorado Gold Corporation (NYSE: EGO - News) and Kinross Gold Corporation (NYSE: KGC - News) (Tokyo: K).
Jewelers in India were protesting tax increases that their government announced last week. There may be pent-up demand from the closures, Edel Tully, an analyst at UBS AG in London, recently wrote in a report. Rising fuel prices "create at least short-term inflation pressures," Federal Reserve Chairman Ben S. Bernanke said today during congressional testimony.
"We will see a rise in demand in the short term because of India coming back to the market," said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. "Bernanke's statements were gold friendly."
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Eldorado Gold Corporation last week reported that Hellas Gold, a subsidiary of Eldorado in Greece, has received the approval of the Technical Study of Skouries Project from the Ministry of Environment and Climate Change (MoE). The Company mobilized last week a number of local contractors to site in order to prepare the start-up of a number of activities consistent with the initiation of the construction of the Skouries Project in Q2 2012.
Kinross Gold Corporation reported earlier this month that the Kinross Professorship in Mining and Sustainability at Queen's University, which was originally established in 2007, has been extended for five years and will be re-named the Kinross Professorship in Mining Health and Safety.
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- Kinross Gold Corporation
- Eldorado Gold Corporation