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Friday April 3, 2:43 pm Eastern Time
Canada gold shares move higher on bullion rise
TORONTO, April 3 (Reuters) - A sharp rise in bullion prices propelled Canada's long-suffering gold
sector up 3.5 percent on Friday in midday trading on the Toronto Stock Exchange, analysts said.
The TSE's gold and precious minerals subindex has now gained 18 percent in the past two weeks after
spending almost half a year in the doldrums.
Mid-sized gold producers led Friday's rise with TVX Gold Inc. (TVX.TO - news). and Kinross Gold
Corp. (K.TO - news). posting sharp gains. Toronto-based TVX saw its shares jump 0.50 to 5.25, or
almost 10.5 percent, while Kinross shares rose 0.45 to 6.25, or 7.8 percent.
Placer Dome Inc. (PDG.TO - news). led the senior gold producers, gaining 0.65 to 19.40, or 3.5
percent.
''We've been talking about gold prices moving to US$325 (an ounce) as an average price this year and
US$350 long term. We absolutely do expect this sector to continue to advance,'' said Dave Newhouse,
a mining analyst with TD Securities Inc.
Gold touched a five-month high at US$306.10 an ounce on the London Metal Exchange after ending
Thursday's session at US$302 an ounce.
Analysts said speculation that the planned European central bank will hold more gold than previously
thought, reducing the threat of surplus gold sales, helped to underpin the price of bullion.
''I think the signs are getting more positive and it's getting to the point where the selling ahead of the
European Monetary Union is declining and that will tend to reduce the amount of speculative short
selling that has been going on,'' Newhouse said.
More Quotes
and News:
Kinross Gold Corp (Toronto:K.TO - news)
Placer Dome Inc (Toronto:PDG.TO - news)
TVX Gold Inc (Toronto:TVX.TO - news)
Related News Categories: US Market News, international
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