Category: Gold

Gold prices fell further on Wednesday 17th May as the dollar rose after comments from U.S. Federal Reserve officials cast doubt on interest rate cuts this year. Spot gold fell another 0.3% to $1,981.95 an ounce, after falling below $2,000 the previous session. US gold futures fell 0.4% to $1,985.60 an ounce. Meanwhile, the U.S. dollar index hit a six-week high, eroding the appeal of bullion, which also rivals the currency as a safe haven, especially among overseas buyers. Reiterating the central bank’s determination to contain inflation, Chicago Fed Chair Austan… Read More Here

After years of planning and development, the end is in sight for the Magino gold project, which Toronto-listed Argonaut Gold is building near Dubreuilville, Ontario. The first gold pour at the mine is only weeks away and commercial production is targeted for the third quarter. “Major components critical to commissioning Magino’s mill are coming together as we prepare for first gold pour, which is now expected during the second half of May, which is marginally behind the May 15 target date,” said COO Marc Leduc on Friday 5th may. By March 31, Argonaut had incurred about $652-million of the $755-million (C$980-million) estimate at completion. Leduc… Read More Here

The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo’s expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today. Reporting on the results for the first quarter, president and chief executive Mark Bristow said production, while lower than Q4 2022, was on plan, and free cash flow1 had… Read More Here

According to a report by the Ugandan Parliamentary Committee on Finance, Planning, and Economic Development, Uganda has lost out on Ush600 billion ($160.77 million) in uncollected tax from the export of gold goods since July 2021 because of a dispute with exporters and refiners over levies. Ruth Nankabirwa, Uganda’s Minister for Energy and Mineral Development, however, blamed the loss on a dispute between the Uganda Revenue Authority and more than 20 gold exporters and refiners in her response to the report to the House on Tuesday 2nd May. “From the… Read More Here

Gold continued to slide on Tuesday 25th April as a stronger dollar countered support from lower Treasury yields, as investors await a slew of U.S. economic data due later this week that could sway the stance. Federal Reserve on interest rates. Spot gold fell 0.2% to $1,985.90 an ounce on Tuesday, after falling below the key $2,000 level late last week. US gold futures fell 0.1% to $1,997.40 an ounce. Meanwhile, the dollar rose 0.4% to make bullion relatively more expensive for buyers holding other currencies, while benchmark 10-year Treasury yields… Read More Here