Harmony Gold Mining (HMY) Trades Higher on Economic Weakness

Harmony Gold Mining (NYSE:HMY) was able to close in positive territory on Thursday even as gold prices closed down on the day.

Gold for June delivery, closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

Harmony Gold Mining Company Limited participates in gold mining, both underground and surface. It is also involved in exploration, processing, and smelting. Most operations are in the Witwatersrand basin of South Africa, where it has 10 underground operations, 8 processing plants, and an open cast mine. It is also exploring and developing projects in Papua New Guinea, including an open-pit mine that is operational.

Harmony Gold Mining (HMY) closed Thursday at $13.50, gaining $0.02, or 0.15 percent.