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7

Anglogold Doubled Its Profit

But the South African firm said physical demand for gold had fallen

The world's third-biggest gold producer AngloGold Ashanti doubled its earnings during the first three months of 2006 due to record gold prices. Its earnings for the quarter of $86m against $46.5m.

The soaring price allowed it to sell its gold at $545 an ounce - a 14% increase on the previous quarter.

But the South African firm said physical demand for gold had fallen because of the price hike.

AngloGold had warned earlier that output would dip. On Friday, it confirmed production had fallen 10% in the quarter to 1.34 million ounces.