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Gold Prices Soar on Fed Signals (Update 1)

According to media reports, South African President Jacob Zuma met with the miners on Wednesday, and the leader told the workers that he had initiated an inquiry to investigate the shooting.

Lonmin management also reportedly met with representatives of the miners and said that they would "conceive" about their grievances and demands and get back to the representatives, according to Independent Online of South Africa.

Gold mining stocks were mixed Thursday. Randgold Resources (GOLD - Get Report) was up 2.1%, while NovaGold Resources (NG) was climbing 0.85%.

Randgold announced Thursday its support of a new interim government in Mali, which for the time being would suggest stabilization in the country, where Randgold operates two gold minds as well as the Morila joint venture.

Among other mining stocks, AngloGold Ashanti (AU - Get Report) was dipping 2.6%, while Gold Fields (GFI - Get Report) was down 3.7%.

Yamana Gold (AUY - Get Report) announced Wednesday morning the completion of its acquisition of Extorre Gold Mines. The stock was up 1.5%.

-- Written by Joe Deaux in New York.

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AUY $2.14 1.90%
AU $6.44 0.63%
GOLD $62.16 2.60%
GFI $2.45 -3.20%
NG $3.76 0.53%


Chart of I:DJI
DOW 17,858.69 +138.77 0.78%
S&P 500 2,098.01 +17.60 0.85%
NASDAQ 5,146.2570 +37.5910 0.74%

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