Gold - Copperbelt Katanga Mining

Gold price nears 11-month low with dollar winning battle of havens

July 14, 2022July 14, 2022 admin

Gold plummeted to a near 11-month low on Thursday as investors again turned to the US dollar as the preferred haven amid expectations for more aggressive monetary tightening measures by the Federal Reserve. Spot gold fell 1.7% to $1,706.42 by 12:50 p.m. ET, having been down as much as 2.2% earlier in the session. US gold futures also dropped by 1.7% to $1,705.50 per ounce in New York. Meanwhile, the US dollar soared to a new 20-year high, emerging as a preferred save haven in light of growing economic risks… Read More Here

Barrick On Track After Higher Q2 Output

July 14, 2022July 14, 2022 admin

Barrick Gold Corporation today reported preliminary Q2 sales of 1.04 million ounces of gold and 113 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 120 million pounds of copper. As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance1. The average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2… Read More Here

Gold

Caledonia achieves record quarterly production in Zimbabwe

July 13, 2022July 13, 2022 admin

Gold miner Caledonia Mining achieved record production of 20 091 oz at the Blanket gold mine, in Zimbabwe, for the quarter ended June 30. This was a 20% increase on the 16 710 oz produced in the second quarter of 2021. In the first half of the year 38 606 oz of gold was produced, about 29% more than the 29 907 oz produced in the first half of 2021. “Production in the first half of 2022 was excellent and exceeded our expectations. Production excludes an estimate of approximately 1 500 oz of recoverable gold included in an… Read More Here

Gold International

Gold price steadies near nine-month low as dollar rally powers on

July 12, 2022July 12, 2022 admin

Gold steadied near the lowest in more than nine months as the dollar edged higher in anticipation of US inflation data this week that’s set to shape the magnitude of the Federal Reserve’s next rate hike. Investors concerned about the prospect of a global economic downturn have turned in droves to the greenback, which is already up more than 2% this month. That’s capped gold, despite support from an easing in US Treasury yields. “Any significant or lasting rise in the gold price is being precluded not only by the… Read More Here

Gold International

Gold nears 9-month low as looming rate hikes lift dollar

July 11, 2022July 11, 2022 admin

Gold prices fell on Monday, lingering near a recent nine-month low, after strong US job market data last week boosted the dollar and the likelihood of another big rate hike by the Federal Reserve. Spot gold fell 0.3% to $1 736.11/oz by 12:17 GMT. US gold futures dipped 0.6% to $1 732.40. The dollar rose about 0.8% dimming greenback-priced gold’s appeal among overseas buyers. The jobs report published on Friday tempered some of the recessionary fears that were starting to cast doubts over how far the Fed could go in terms of… Read More Here

Gold

Asante pours first gold at Bibiani mine in Ghana

July 8, 2022July 8, 2022 admin

Canada’s Asante Gold (TSX-V: ASE) (GSE: ASG) has poured first gold at its Bibiani gold mine in Ghana, which is expected to produce 175,000 ounces of the precious metal over the next 12 months. The news follows the commissioning of the processing plant and associated equipment at the mine in early June. The Vancouver-based company said this was the final operating area of the process plant to be commissioned, adding that scale up of production is continuing as planned, including collection of gold on carbon. Bibiani, which Asante acquired last year from Australia’s Resolute Mining (ASX, LON: RSG),… Read More Here

Gold International

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