Gold stocks remain on close watch ahead of data (DROOY, GOLD, AU, AUY)

Posted in General 
July 1st, 2009

Gold stocks that took a hit in yesterday’s trading following a disappointing consumer confidence number that sent the dollar higher and many commodities lower are rebounding in premarket trade this morning, ahead of expected reports this morning on construction spending and pending home sales that may broadly affect commodities.

Spot gold is rebounding about $4 to $9.32 this morning, gaining back nearly half of what it lost in the previous session.

Gold stocks on the move this morning include smaller player DRDGold Ltd (Nasdaq: DROOY), up about 8 percent on nearly 10,000 shares traded in the premarket at about 9 a.m. Eastern.

Also as of 9 a.m. Eastern, Rangold Resources Ltd. (GOLD) shares are up nearly 3 percent with about 80,000 shares traded. AngloGold Ashanti Ltd. (NYSE: AU) shares are up about 3 percent, with about 6,000 shares traded. YamanaGold Inc. (NYSE: AUY) is up nearly 2 percent, with about 26,000 shares traded. — Mike Tarsala

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