08:22 AM Eastern Daylight Time, 03/26/2010 (MidnightTrader) — Gold is on the rise in early morning trade Friday, with a falling greenback bolstering demand for the precious metal as an alternative asset. The dollar has been weakening against the euro in particular, as hopes are high that both the European Union and the International Monetary Fund will agree to provide financial aid to get the Greek economy back on its feet. At 0810 ET, gold is up 0.6% at $1,099.70 an ounce, while silver is up 1.0% at $1,691.00 an ounce, and copper is up 1.1% at $341.80 a pound. On the corporate front, metal processor Metals USA Holdings Corp. is planning to raise up to $182 million through an IPO. Currently, private equity group Apollo Management has a 93% stake in the company, and it sees selling about 10.5 million common shares ranging in price from around $18 to $20 a share. In Germany, steelmaker Salzgitter AG (SZG) slashed its 2009 dividend by over 80% as earnings were bogged down by restructuring costs. The dividend will now be 0.25 euros per share, compared to 1.40 euros a share a year ago. As for Australian gold group Solomon Gold plc (SOLG), it reported losses doubling in the latter half of 2009 as it struggled to develop a new strategic direction. The company said that it had focused on depending less on its exploration program on Guadalcanal Island amid delayed drilling. Solomon also said that will it will continue to jointly develop copper deposits on the island with Newmont Mining Corp. (NEM), it is looking to get into "nearer term" gold projects to "diversify and de-risk" assets.

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