Shandong Gold Mining Co. Ltd plans to apply for loans worth up to $1.26 billion via its unit to fund the acquisition of a stake in Barrick Gold Corp's mine in Argentina, the Chinese precious metal producer said on Friday.
Growth in China's manufacturing sector in May kept pace with the previous month, an official survey showed on Wednesday, beating expectations in a reassuring sign the world's second-biggest economy is not losing too much steam after a solid first quarter performance.
London copper fell on Wednesday after credit ratings agency Moody's downgraded China due to its massive debt, with muted trade expected ahead of the release later in the session of minutes from the Federal Reserve's last meeting. "After a set of less-than-positive U.S. data, a debt (agency) downgrading China, Noble struggling ... and the banks reporting a 29-percent drop in commodities revenue, the markets were always going to struggle and struggle they are," said Kingdom Futures in a report.
Gold held steady early on Wednesday, after falling 0.7% in the previous session, as investors waited for cues on the U.S. Federal Reserve's rate hike stance from minutes of the central bank's latest meeting, due later in the day.
Eldorado Gold Corp agreed on Monday to purchase fellow Canadian mining company Integra Gold Corp for C$590 million ($432.4 million) in the latest move by gold miners to opt for less risky geopolitical regions in a lackluster gold market.
Gold prices edged higher on Monday as weaker-than-expected economic data from the U.S. and a missile test by North Korea over the weekend pressured the dollar. Spot gold was up 0.3% at $1,232.45 per ounce at 0726 GMT and hovered just above the 100-day moving average.
European stocks and the euro pulled back on Monday from highs touched after pro-European centrist Emmanuel Macron's emphatic but well-flagged victory in France's presidential election as investors' focus shifted from politics to monetary policy.