Gold - Copperbelt Katanga Mining

Gold price hits nine-month low as dollar reaches two-decade high

July 7, 2022July 7, 2022 admin

Gold extended its selloff to a nine-month low on Wednesday as investors await the US Federal Reserve’s June meeting minutes for clarity on the nature and pace of interest rate hikes coming up. Spot gold dropped 1.6% to $1,737.11 per ounce by 1:15 p.m. ET, adding to its losses from the previous session. US gold futures also fell 1.6% to $1,735.90 per ounce in New York. Meanwhile, the US dollar again hit a two-decade high, emerging as the preferred haven of late for investors looking to hedge growing recession fears, while also… Read More Here

Gold International

Gold price sinks to half-year low amid growing recession fears

July 6, 2022July 6, 2022 admin

Gold prices slumped to their lowest in more than six months on Tuesday, as the US dollar rallied amid growing recession concerns that caused losses across risk assets. Spot gold dropped 2.2% to $1,767.93 per ounce by 2:50 p.m. ET, the first time it has fallen below $1,800 since mid-May. US gold futures were down 1.9% to $1,767.60 per ounce in New York. US stocks also slumped on Tuesday with growing fears that the Federal Reserve’s rate hikes to damp inflation could cause a slowdown in the economy. Meanwhile, the… Read More Here

Gold International

Gold teeters above $1 800 as lower yields counter dollar strength

July 4, 2022July 4, 2022 admin

Gold inched higher in choppy trade on Monday, as weakness in Treasury yields kept prices above the $1 800 mark and marginally outweighed pressure stemming from an elevated US dollar. Spot gold was up 0.1% at $1 811.76/oz, as of 05:44 GMT. US gold futures rose 0.7% to $1 813.70. Bullion prices hit a five-month low of $1 783.50 on Friday, but recovered to end the session nearly steady. “Once again, we saw buyers support gold with its break below $1 800 on Friday, and with US yields continuing to retrace, it allows the potential for gold to rise over the… Read More Here

Gold International

Uganda discovers gold deposits worth 12 trillion USD

June 30, 2022July 4, 2022 admin1 Comment

Uganda announced that it had discovered 31 million metric tons of gold waiting to be mined in the country after several surveys were conducted. A spokesperson from the Ministry of Energy and Mineral Development in Uganda, Solomon Muyita, said that these reports are aimed at attracting gold miners and investors in the crypto sector. In a bid to boost the country’s economy, the Ugandan government has licensed Wagagai gold mining company, a Chinese firm to start producing gold products in Busia district. The company embarked on the construction of its… Read More Here

Gold International

Gold rises as G7 nations plan to ban bullion imports from Russia

June 27, 2022June 27, 2022 admin

Gold prices gained on Monday, as news of some Western nations planning to officially ban imports of the metal from Russia for its invasion of Ukraine sparked some interest in bullion. Spot gold rose 0.5% to $1 835.75/oz by 05:20 GMT. US gold futures were up 0.4% at $1 837.30. “The G7 import ban on Russian gold seems to be providing some short-term support in early Asia (trading),” OANDA senior analyst Jeffrey Halley said. “However, it is mostly a rubber stamp exercise in reality for the grouping, and I do not expect this to mark… Read More Here

Gold International

Gold firms as economic fears return to centre stage

June 23, 2022June 23, 2022 admin

Gold rose on Wednesday as renewed fears of a recession bolstered bullion’s allure as a safe haven and countered pressure from a firmer dollar, while investors awaited monetary policy cues from the Federal Reserve. Spot gold reversed initial declines to rise 0.4% to $1 839.86/oz by 11:45 GMT, while US gold futures gained 0.2% to $1 841.70. World stocks fell as concerns of rising interest rates and recession persisted. Adding to this, soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month. “You have all the fears of rising recession… Read More Here

Mining in DRC Gold

The battle of Kigali and Kampala for the control of Congolese minerals (A report)

June 20, 2022June 20, 2022 arnbethnic

In their report released on Tuesday, New York University’s Congo Study Group (GEC) and its research partner Ebuteli put the control of Congolese minerals back at the heart of the resurgence of M23 and the launch of the joint FARDC-UPDF operation. The two research entities explain that Dott Services, which was chosen to carry out the construction of the roads linking the DRC to Uganda, is a major player in understanding the renewed conflicts in the region. For context, the DRC and Uganda are bound by agreements that should lead… Read More Here

Mining in DRC Gold Mineral Processing

DRC: the process of refining Congolese gold by Rwanda suspended

June 17, 2022June 20, 2022 admin

Felix Tshisekedi convened the Superior Defense Council on Wednesday. It was decided that the government suspend all memorandums of understanding, agreements, conventions concluded with Rwanda accused of attacking the DRC and providing support to the M23. What are these agreements? The government promises to communicate quickly on this file. Officially, since Felix Tshisekedi came to power, a series of agreements have been signed between Kinshasa and Kigali. June 26, 2021 in Goma, the red carpet is rolled out. The ceremony is grand. It is broadcast live on Rwandan public television and that of the DRC. The agreement… Read More Here

Gold International

Gold’s haven appeal burnished by drumbeat of growth warnings

June 10, 2022June 10, 2022 admin

Gold could be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2 000/oz. A potent mix of decades-high inflation, geopolitical turmoil and growing talk of recession should be bullish for the traditional haven, according to speakers interviewed ahead of a precious metals conference in Singapore this week. Bullion is down about 10% from a peak in mid-March, after the concerns that Russia’s invasion of Ukraine might sprawl into a broader conflict dissipated. But with top banking executives now warning… Read More Here

Gold

Uganda says exploration results show it has 31 million tonnes of gold ore

June 10, 2022June 10, 2022 admin

Uganda on Wednesday said recent exploration surveys have shown it has gold ore deposits of about 31 million tonnes and it wants to attract big investors to develop the sector hitherto dominated by small wildcat miners. Over the last two years, aerial exploration was done across the country followed by geophysical and geochemical surveys and analyses, Solomon Muyita, spokesperson for the Ministry of Energy and Mineral Development, told Reuters. Muyita said an estimated 320,158 tonnes of refined gold could be extracted from the 31 million tonnes of ore. Most of… Read More Here