Petropavlovsk’s experience is kind of a microcosm of the current gold market.
Via the FT: “Petropavlovsk is wrestling with the challenge of reducing more than $1.1bn of net debt, amid a fall this year in the price of gold and production difficulties including floods. The miner revealed a sharp rise in production costs, although it said these would sink in the second half of the year.”
On MetalMiner’s daily precious metal index, Indian gold bullion gained 0.8 percent. Chinese gold bullion prices saw a 0.4 percent decline. After a 0.1 percent increase, US gold bullion finished the day up. The price of Japanese gold bullion flattened after two days of improvement.
Chinese silver saw a 2.2 percent drop on Thursday, August 29, making it the biggest mover of the day. The price of US silver fell by 0.5 percent. The price of Indian silver showed little movement on Thursday. The price of Japanese silver ended a two-day climb.
The price of US platinum bar increased 1.0 percent. Chinese platinum bar fell 0.3 percent on Thursday. The price of Japanese platinum bar flattened following two days of declines.
Chinese palladium bar closed 0.6 percent lower. Following a 0.3 percent rise yesterday, the price of US palladium bar closed higher. The price of Japanese palladium bar remained steady.