Kolar Gold Expects Details of Kolar Mine Sale by Year-End; Indian Gold Bullion Rises 3.6%

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Will we see a revival of Indian gold mining? Kolar Gold thinks so. The company announced on Monday that it “expects the government to finalise details for the tender to run the historic Kolar mine before the end of 2013,” prompting such a revival (Reuters).

“Kolar, listed on London’s AIM growth market, works in India with local junior exploration partner Geomysore Services India, which was awarded the mining lease for the Jonnagiri gold project in central India last month.”

“But the company’s highest-profile target – key to its plans to “dominate” Indian gold mining – has been the Kolar mine it is named after. It hopes to turn a deep, now-flooded, mining operation into a modern project that will include an open pit and a shallow underground mine, and also tap historic waste which alone could include 750,000 ounces of gold.”

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Indian gold bullion, which saw a 3.6 percent increase. This comes on the heels of a 2.3 percent decline the week prior. The price of Japanese gold bullion rose 1.1 percent after falling 2.4 percent during the previous week. Closing out the third week of declining prices, the price of US gold bullion dropped by 0.5 percent. Chinese gold bullion prices held steady from the previous week.

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For the third week in a row, the price of US silver dropped, falling 0.8 percent. The price of Chinese silver finished the week down 0.6 percent. The price of Japanese silver rose 0.3 percent after falling 3.3 percent during the previous week. The week finished with no movement for Indian silver.

The price of US platinum bar dropped 2.2 percent this week, closing out the third consecutive week of falling prices. The price of Chinese platinum bar fell 1.4 percent over the past week. This was the third week in a row of declining prices. Closing out the third week of declining prices, the price of Japanese platinum bar dropped by 0.8 percent.

The price of Japanese palladium bar rose 1.4 percent after falling 1.6 percent during the previous week. The price of Chinese palladium bar rose 0.6 percent after falling 3.7 percent during the previous week. The price of US palladium bar rose 0.3 percent after falling 2.3 percent during the previous week.

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