Gold futures fell by over 2 percent in the early hours of trading on Tuesday. Gold stocks had earlier rallied on account of rising gold prices and a weakening dollar. However, the price of the metal fell on Tuesday as traders booked profits, resulting in a decline in gold stocks. Gold futures had risen by $4.10 to close at $754.10 an ounce on Monday. The prices dropped by $16.60 to $737.50 an ounce on the New York Mercantile Exchange on Tuesday.
The employees of Lihir Gold, one of the largest mines in Papua New Guinea, called off their one-week strike and resumed production. The mines closed down on August 30, 2007 after the workers demanded higher wages, saying that deportee employees are paid more than them. The strike resulted in a $12 million loss in production.