Indian Gold Prices To Firm, Buried Coins Lost Under Ex-Brothel

Gold finished lower in New York on Monday, as a fall in crude oil prices and a higher US dollar offset light buying, Reuters UK reports. Spot gold hit a session-high of USD$677.80, down from USD$674.90 late in New York on Thursday.

Polymeta (LON:PMTL), Russia’s third-largest gold miner, is planning to spend USD$150 – 200 million by 2010 to develop the Albazino gold project in the country’s east as part of a wider expansion. The Moscow Times reports that the deposit will produce 200,000 – 250,000 ounces of gold per year, which is almost the equivalent of the company’s entire gold production in 2006.

Reuters reports that Indian gold prices are expected to firm this week, due to bullish overseas signals and an anticipated increase in local buying as weddings and a festival approach. Despite low trading immediately after Easter, the approaching festival is expected to stimulate buying.

Akshaya Thrithiai is a day for giving in India; during this time it is believed that all good deeds will be rewarded many times over. Although the festival falls next week, retailers are currently looking to buy gold jewellery and other meet increased demand.

The China Gold Association has released statistics showing that China produced 36.18 tonnes of gold in January and February, 2007, up 14.34% from the same period last year. Resource Investor reports that gold miners produced 23.68 tonnes of consolidated gold in January and February, up 10.20%, while gold bullion production from smelting companies increased 20.73% to 19.572 tonnes.

The Age reports that thieves in a stolen car ram-raided the JM Leech jewellery shop in Hargreaves Mall, Bendigo at 3am today, fleeing with gold jewellery before torching the stolen vehicle.

The impending sale of a NZ$10 million Auckland property that was once used as a bar and brothel for American servicemen during WWII could mean the loss of a stash of gold coins long said to be buried underneath the property, the New Zealand Herald reports. The original owner of the property died in a plane crash in the early 1950s, leaving the whereabouts of his reportedly huge stash of American Eagle coins – which he earned from American soldiers – a mystery.

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