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Gold price rises on expectations of super-sized Fed rate hike 1 Gold International 

Gold price rises on expectations of super-sized Fed rate hike

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Gold advanced to the highest since late August on Friday as expectations firmed for a super-sized interest rate increase from the US Federal Reserve later this month. Spot gold rose 0.5% to $1,716.27 per ounce by 12:05 p.m. ET, on pace for its first weekly gain in a month. US gold futures bounced 0.4% to $1,727.40 per ounce in New York. Meanwhile, the dollar dropped to a more than one-week low against its rivals, making greenback-priced bullion less expensive for overseas buyers. “The US dollar index really dropped sharply overnight… Read More Here
on the rise, cobalt exceeded the bar of 50,000 USD per tonne this week 2 Cobalt International 

on the rise, cobalt exceeded the bar of 50,000 USD per tonne this week

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After tumbling for several months on the international market cobalt is expected to surpass the USD 50,000 per tonne mark this week in the international market. According to projections by the Congolese Ministry of Foreign Trade’s National Mercurial Commission, a tonne of cobalt should trade at 51,265.00 USD this week over the period from 5 to 10 September 2022 against 49,257.00 USD the ton a week earlier, representing a price increase of around USD 2,008, representing a ratio of 4.08%. According to the same document, copper should also see a… Read More Here
Copper price up on lower-than-expected inflation in China 3 Copper International 

Copper price up on lower-than-expected inflation in China

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The copper price rose on Friday supported by a weaker dollar and lower-than-expected inflation numbers from China. Copper for delivery in December rose 2.8% from Thursday’s settlement price, touching $3.62 per pound ($7,964 per tonne). The most-traded October copper contract on the Shanghai Futures Exchange advanced 3.2% to 62,900 yuan ($9,069.41) a tonne. The dollar took a breather from its surging rally, making greenback-priced metals cheaper to holders of other currencies. China’s consumer prices rose at a slower-than-expected pace in August amid heatwaves and covid-19 flare-ups, while producer inflation hit an… Read More Here
Copper price rises on weaker dollar, China stimulus 4 Copper International 

Copper price rises on weaker dollar, China stimulus

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The copper price rose on Tuesday on a weaker dollar and expectations for better metals demand after Chinese policymakers said they would accelerate infrastructure investment. Copper for delivery in December rose 2.6% from Monday’s settlement price, touching $3.50 per pound ($7,700 per tonne). The most-traded October copper contract on the Shanghai Futures Exchange advanced 1.9% to 61,220 yuan ($8,820.31) a tonne. Officials in China said the third quarter of this year is crucial for rolling out stimulus measures and promised fresh policy actions to follow a stimulus package released in May.… Read More Here
Gold climbs back to 1700 USD per ounce 5 Gold International 

Gold climbs back to 1700 USD per ounce

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Gold stabilized after a two-day decline as traders watched a surging dollar and a surge in Treasury yields amid expectations of further monetary tightening by the Federal Reserve. Spot gold was little changed at $1,701.59 an ounce at 12:57 p.m. London, after falling 0.6% in the previous two days. The Bloomberg Dollar Spot Index hit a record high. Silver and palladium rose, while platinum was stable. Bullion had fallen below $1,700 an ounce as central banks broadly raised interest rates to fight inflation, dampening the appeal of the non-interest-bearing asset. “Gold is… Read More Here
DRC: the Government and the GEMCORP Group plan to set up a financing facility of USD 500 million for the benefit of oil companies 6 Mining in DRC Oil & Gas 

DRC: the Government and the GEMCORP Group plan to set up a financing facility of USD 500 million for the benefit of oil companies

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With a view to providing a lasting solution to the problem of the rise in the price of petroleum products, the Government, through the Ministry of the National Economy, plans to set up, with the GEMCORP Group, a financing facility to guarantee fuel supplies and reduce the cost of the oil subsidy. It was Nicolas Kazadi, Congolese Minister of Finance, acting as Minister of the Economy, who announced it on Friday August 26, 2022, during the weekly meeting of the Council of Ministers. According to Patrick Muyaya, Spokesperson for the… Read More Here
Zambia’s long-neglected copper riches are turning heads again 7 Copper Mining in Zambia 

Zambia’s long-neglected copper riches are turning heads again

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MAJOR mining companies are getting increasingly involved in the Central African Copper Belt, expanding existing operations and exploring for new discoveries as the positive fundamentals for copper in terms of soaring demand and limited new supply remain in place. Those groups include Barrick Gold, Anglo American, Ivanhoe Mines and First Quantum, which are stepping up their investments in copper mining in Zambia, the Democratic Republic of Congo (DRC) and even Angola. The driving forces behind the copper boom are that demand for the metal from EV (electrical vehicle) and renewable energy… Read More Here
Gold hits 1-month low as robust dollar, hawkish Powell dent appeal 8 Gold International 

Gold hits 1-month low as robust dollar, hawkish Powell dent appeal

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Gold prices fell to a one-month low on Monday, as US Federal Reserve Chair Jerome Powell’s stance to continue with aggressive monetary policy to bring down inflation dented the zero-yielding metal’s appeal and boosted the dollar. Spot gold had shed 0.7% to $1 724.88 per ounce by 05:50 GMT. Prices earlier fell to $1 720.55, their lowest since July 27. US gold futures dropped 0.8% to $1 736.40/oz. The dollar index scaled a 20-year high, making greenback-priced bullion more expensive for buyers holding other currencies.  Gold’s momentum has turned lower and while at some point there will be a safe-haven flow,… Read More Here
Copper price back bellow 8,000 as hawkish Fed outweighs supply risk 9 Copper International 

Copper price back bellow 8,000 as hawkish Fed outweighs supply risk

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The copper price fell on Monday as a hawkish Federal Reserve crimped the outlook for demand, outweighing supply risks. Federal Reserve Chair Jerome Powell signaled higher-for-longer interest rates to curb inflation at the Fed’s Jackson Hole symposium on Friday, sparking broad declines across financial assets. The worsening sentiment on copper demand took precedence over further signs that supply is under threat, with Codelco becoming the latest major producer to cut output guidance. Copper for delivery in December fell 3.5% on the Comex market in New York, touching $3.56 per pound ($7,832 per… Read More Here
DRC: here are the five provinces that produced more than 75% of artisanal gold in the first half of 2022 10 Gold Mining in DRC 

DRC: here are the five provinces that produced more than 75% of artisanal gold in the first half of 2022

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In the first half of 2022, five (5) provinces of the Democratic Republic of Congo (DRC) stood out from the twenty-one (21) others in the production of artisanal gold. According to official statistical data provided by the Technical Unit for Coordination and Mining Planning (CTCPM), these five provinces alone produced more than 75% of total gold production in the artisanal sector of the Democratic Republic of Congo during the period under review. These include the province of Bas-Uélé, which has a production of 28.70 kg of gold, or 29.61% of national… Read More Here

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