Category: Gold

Kwekwe gold dealer has been reported to police on charges of having stolen gold ore and other Mining accessories from a mine at the Centre of a boundary dispute.According to a police report case number 5393592, Chanakira Masuku is accused of stealing about 1.5kg of gold, tonnes of gold ore worth over US$30 000, two drums of cyanide and caustic soda from Somerset 16 mine in Sosombe, Kwekwe.Masuku is also accused of vandalising a perimeter fence of Somerset 16 mine owned by Mistopher Khan under registration number 24107.The mine was… Read More Here

Gold prices eased off on Wednesday 28.12.2022 after reaching a six-month peak last session as the market booked short-term profits while seeking fresh drivers. Spot gold fell 0.6% to $1,801.21 per ounce by 11:40 a.m. ET, while three-month US gold futures declined 0.8% to trade at $1,808.80 per ounce. Bullion’s losses were capped by a drop in both Treasury yields and the dollar, which kept prices above the $1,800 an ounce level throughout the session. “You’re seeing a corrective pullback, some profit taking from… Read More Here

Gold prices rose on Tuesday as optimism surrounding China’s decisions to further ease covid-19 restrictions weighed on the US dollar, while resilient yields cast a shadow over the precious metal’s advance. Spot gold was up 1.3% to $1,821.37 per ounce by 11:50 a.m. ET, easing off a six-month high of $1,832.35 reached earlier in the day. US gold futures gained 1.4% to trade at $1,828.90 per ounce. Meanwhile, the US dollar index edged lower, and benchmark 10-year yields held close to their… Read More Here

It has been a year to forget for gold. The precious metal is closing in on a second consecutive yearly decline, with prices down by $250 an ounce since its March highs as central bankers stepped up their aggressive fight against inflation Going forward, the interplay between inflation and central bank intervention will be key in determining the outlook for gold’s performance in 2023, according to the World Gold Council (WGC). Economic consensus calls for weaker global growth akin to a short, possibly localized recession, falling – yet elevated –… Read More Here

Rescue work continues after 18 people were trapped underground as a gold mine in northwest China’s Xinjiang Uygur Autonomous Region collapsed on Saturday. Approximately 40 people were working underground at the time of the accident in Yining County in the Ili Kazak Autonomous Prefecture. Twenty-two miners have been rescued. “Now, the accurate location of the trapped people has been determined. However, the complex situation underground and the unstable surrounding rocks have brought many difficulties to the rescue work. The 18 people remain out of contact,” Lu Wei, chief safety officer… Read More Here

Gold prices edged up on Friday ahead of a long holiday weekend as the latest US inflation data showed signs of cooling, but not enough to erase concerns of more Federal Reserve rate hikes. Spot gold rose 0.6% to $1,802.33 per ounce by 11:50 a.m. ET, representing a weekly gain of roughly the same percentage point. The precious metal is coming off its worst week in a month after more hawkish messaging from the Fed. US gold futures were up 0.8% to $1,810.30 per ounce. [Click here for an interactive chart of gold… Read More Here