ASHANTI GOLDFIELDS emerged yesterday as a key beneficiary of widespread efforts to push down the gold price ahead of last night's expiry of monthly derivatives.

Attempts by some speculators to drive the price below $290 an ounce wiped out most of the margin calls which have threatened to topple the Ghanaian gold mining giant.

Traders said bouts of selling pressure limited the rise in the price yesterday to just $2.10 an ounce, leaving it to close in London at $292.50.

It is understood that at $290, the margin calls on Ashanti's hedge book total just $50 million and are elimanted when the price reaches $285.

The calls were believed to be as high as $270 million earlier this month, leaving Ashanti with a life-threatening cashflow crisis.

Bullion dealers said much of this week's weakness in the gold price was being attributed to yesterday's expiry of over-the- counter call options.

Michael Coulson, an analyst with Paribas, said market speculation suggested that, at a price of $300, call options covering 5.8 million ounces were "in the money".

This was thought to fall to 3.8 million ounces when the price dropped to $290.

The lower price has relieved some of the pressure on Ashanti as it seeks to negotiate a restructure of its hedge book with its 17 banks.

Analysts said the continual threat posed by the possibility of a higher gold price meant Ashanti still needed to find a solution to its hedging problems if it was to recapture investor support. However, the relief brought by the lower price can serve only to damage Lonmin's prospects of succeeding in its all- paper bid for Ashanti.