Gold futures tumbled Wednesday morning to an intra-day low of $1,581.10 per ounce, but recaptured the large majority of their losses as the day progressed. COMEX gold futures, per the August contract, settled lower by just $4.20, or 0.3%, at $1,596.90 per ounce, after briefly inching above $1,600 in mid-day trading.
In contrast to gold futures, the spot gold price moved higher, due to the fact that following yesterday’s COMEX close, the yellow metal moved substantially lower.
The rebound in gold futures coincided with weakness in the U.S. Dollar Index, which dropped 0.6% to 75.075 this afternoon. The dollar’s slide was fueled by a disappointing report on existing home sales.
Silver futures, per the COMEX September contract, followed a similar trajectory to that of gold. Silver sunk to an intra-day low of $38.215 per ounce in morning trading, but bounced back to $39.78 this afternoon, where it remained lower by $0.45, or 1.1%.
Sunridge Gold Launches New Exploration Phase at Asmara
- The property remains only partially explored and has several highly prospective exploration targets with the potential for the discovery of additional deposits.
- There are structurally controlled gold and remobilized copper/gold targets on the Asmara Project which Sunridge also intends to explore.
- Sunridge has recently begun mapping, sampling and other field work on many of the targets in anticipation of a 10,000 meters exploration drilling program scheduled to commence in August 2011.
