LONDON: Gold eased a touch on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone. Spot gold was down 0.2 percent at $1,588.69 an ounce at 1220 GMT, while US gold futures for June delivery were down $3.30 an ounce at $1,588.60. Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover. "I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said. "In the next few weeks leading up to the Greek election, there will be plenty of opportunities for people to worry about ...

LONDON: Copper bounced on Friday, helped by investors balancing positions ahead of the weekend's G-20 meeting, but was set to decline for a third week on concerns that deepening debt problems in the euro zone could drag on China's economy and metals demand. Three-month copper on the London Metal Exchange traded at $7,736.75 a tonne at 1000 GMT, up 1.15 percent from Thursday's close of $7,649 a tonne. However the metal, used in power and construction, has dropped by 10 percent since late April, trimming the year's gains to just 2 percent. "There is the combination of Europe and all that entails, and concerns about the extent of the slowdown in China weighing on prices," BNP Paribas metals strategist Stephen Briggs said "But our view is that China is gong to muddle through. It's not going to be a bad year for metal demand especially given the copper market is in underlying deficit. Next ...

MOSCOW: Russian gold miner Nord Gold said on Friday its first-quarter net income dropped 30 percent year-on-year to $60 million after its gold output fell, but said it expects a strong second half of 2012. "With production now returning to our forecast rates we anticipate a strong second half to the year," Nikolai Zelenski, chief executive officer, said in a statement. Nord Gold is Russia's third-largest gold producer, and also has operations in Kazakhstan and West Africa. It is controlled by businessman Alexei Mordashov. In April, Nord Gold said its revenue rose 8 percent to $264 million due to favourable gold prices in the first quarter, although gold output fell 10 percent to 156,200 troy ounces due to "short term factors". The hit to production affected overall costs, resulting in a 15-percent drop in earnings before interest, taxation, depreciation and amortisation (EBITDA) to $114 million, Nord Gold said on Friday. The company aims to achieve ...