COMEX gold futures, per the August contract, settled higher on Monday by 0.5% at $1,549.20 per ounce. Gold futures rose to an intra-day high of $1,557.60 this morning, subsequently plunged to $1,542 around 10:45am ET, but later rebounded into positive territory.
The yellow metal was one of the few bright spots, as mounting euro zone fears sent equities and cyclical commodities sharply lower. While policymakers have been focused primarily on Greece in recent months, financial market conditions have worsened significantly in Italy and Portugal over the past week. The euro currency faced heavy selling pressure as a result, with a 1.5% decline to 1.4008 against the U.S. dollar.
Silver futures initially tacked on modest gains, but turned considerably lower in late morning trading. COMEX silver for September delivery declined 2.1% to $35.76 per ounce this afternoon.
Copper futures slid 1.1% to $4.37 per pound, while crude oil dropped 1.3% to $94.95 per barrel.
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.
