B2Gold pours first gold at Fekola mine in Mali

South African gold miners will this week join thousands of workers seeking pay rises in widening nationwide strikes, threatening to hurt exports from Africa's largest economy at a time when bullion is at record highs.

The price of gold was firm above $1,610 Tuesday morning as the U.S. dollar was trading weak amid U.S. debt stalemate. Gold for August delivery, the most actively traded contract, edged down $1.00 to $1,611.20 an ounce.

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Comex gold and silver futures prices closed the day session higher Monday, with August gold powering to another new all-time record high of $1,624.30 an ounce. The precious metal was lifted by the breakdown in debt talks in the US over the weekend and news that ratings agency Moody's has downgraded Greece's debt again saying default is now almost a certainty. December Comex silver also traded up $40.44 after hitting a new 11-week high early on Monday. The gold:silver ratio – the number of ounces of silver needed to buy an ounce of gold: eased back below 40.

A freeze on licenses to explore for minerals is no small matter in Mongolia, a country undergoing a huge resources boom, as miners such as Anglo-Australian giant Rio Tinto (RIO) and the Chinese-backed Shenhua Group compete for the right to extract coal, copper, gold, molybdenum, and uranium. It is a resource play that is expected to bring a flood of money into the impoverished country over the next decade, centered around huge mining projects such as the Shivee Ovoo and Tavan Tolgoi coal reserves, estimated to be worth $300 billion and $400 billion, respectively, and the copper and gold mine Oyu Tolgoi, worth some $300 billion. (Image is of the Nadaam Festival, traditional Mongolian wrestling in Central Mongolia. Photograph by Oksana Perkins taken on July 10, 2009 / Shutterstock.com.)

After a weekend of stalled debt talks, gold rose sharply and hit a Monday morning high of $1,623 an oz before drifting lower. Lawmakers in the U.S.A. spent the weekend trying to resolve negotiations to raise the debt limit and reduce the nation's long-term debt. The Republican-led House of Representatives is holding out for a one-year deal with no tax increases. The Democrats want to see a mix of cuts and higher taxes, along with a deal that will pushes any future debt ceiling negotiations beyond the next election cycle.

Gold held steady below USD 1,600 on Friday, after the euro zone leaders reached an agreement on a Greece bailout plan, but prices are expected to be rangebound as investors keep an eye on the progress made in US debt talks. Euro zone leaders agreed at an emergency summit on Thursday to give their financial rescue fund sweeping new powers to help Greece overcome its debt crisis and prevent market instability from spreading through the region.

China, which became the world’s largest gold producer since in 2007, retained its position again in 2010 by mining 340.88 tonnes, up 8.57 percent year on year, the China Gold Association said Sunday. Increases in gold output will help China hedge against financial risks and inflation, as well as maintain economic security, the association said.

Commodities finished higher with crude oil erasing early losses and ending just shy of $100 a barrel. Gold futures advanced to near record territory, trading above $1,600 an ounce.