| Indian housewives rush to sell trinkets
Record gold prices on world markets had housewives in India scurrying to sell broken jewelry and scraps of the yellow metal in the city of Mumbai's jewelry bazaar yesterday. As spot gold jumped as high as $868 an ounce in London, prices soared to never-before levels of 11,000 rupees ($279) per 10 grams and above in India, the world's largest consumer of gold. "I made up my mind to sell gold this morning. ... The newspaper said it is the highest price," said 42-year-old Nisha Thakkar, a housewife from the suburbs who clutched a tray full of necklaces, bangles and rings, most of them ornate and dimmed by age. .
Last of trapped S African miners saved
The last of the 3,200 miners trapped deep in a South African mine shaft have been saved, capping a day-long rescue mission that began with fears of the worst and ended in wild celebrations. Minerals and Energy Minister Buyelwa Sonjica was among those who danced and sang when an exhausted Mandis Mandanga, 57, walked out of Harmony Gold's Elandsrand gold mine outside of Johannesburg at 1838 GMT (0438 AEST). .
'Fast Money' Recap: Oil Tops and Market Drops
The stock market started off the new year in an ugly fashion on Wednesday with oil briefly touching $100 a barrel. The Dow finished down 220 points and the Nasdaq dropped 42 points. With gold also hitting a record high, the crew at CNBC's "Fast Money" called in Dennis Gartman to talk about commodities and Charlie Gasparino came by to discuss the financial sector. Dennis Gartman on Commodities .
Old-jewellery sales keep gold refiners busy
Dubai: Gold refiners in Dubai are receiving more old jewellery to process as record high prices of the metal are tempting people to sell gold or trade in their possessions for new items, experts said. "We are getting a lot of old jewellery in the last three months," Haji Mohammad Rafiq, vice-chairman of Al Ghurair Giga gold refinery, told Gulf News. He said the plant, which expanded its processing capacity from 100 to 400 kg per day last month, is operating at full capacity. The supply of both scrap jewellery and mined gold from outside the UAE has increased, Rafiq added. Tushar Patni, chairman of Abu Dhabi's Gold and Jewellery Group, estimates dealers are getting 20 per cent more old jewellery than they were handling two months ago. .
Gold rises after Benazir Bhutto killing
Western markets remained calm after the assassination of Pakistan's former prime minister Benazir Bhutto, betting that it would not herald further global instability. The most marked reaction occurred in the gold markets, where prices jumped to a one-month high as safe-haven buying propelled the metal to $836 an ounce. "With the dollar under pressure and violent protests seen in Pakistan, it is likely that gold could see further safe-haven investment demand," said James Moore, metals analyst at TheBullionDesk.com. .
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