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Category: Gold

Gold rises as G7 nations plan to ban bullion imports from Russia 1 Gold International 

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

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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 firms as economic fears return to centre stage 2 Gold International 

Gold firms as economic fears return to centre stage

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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
The battle of Kigali and Kampala for the control of Congolese minerals (A report) 3 Mining in DRC Gold 

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

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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
DRC: the process of refining Congolese gold by Rwanda suspended 4 Mining in DRC Gold Mineral Processing 

DRC: the process of refining Congolese gold by Rwanda suspended

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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’s haven appeal burnished by drumbeat of growth warnings 5 Gold International 

Gold’s haven appeal burnished by drumbeat of growth warnings

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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
Uganda says exploration results show it has 31 million tonnes of gold ore 6 Gold 

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

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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
Gold price may be set to rise – but so are risks for miners 7 Gold International 

Gold price may be set to rise – but so are risks for miners

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Amid the frenzied analyses of supply, demand and spiking prices for green metals and critical minerals, another metal may be preparing to steal the spotlight: gold.  While the price of gold spiked earlier this year to $2,068 per oz. (just shy of its August 2020 all-time high) on Russia’s invasion of Ukraine, it hasn’t stayed at those elevated levels. At press time Wednesday, the yellow metal was at a relatively modest $1,850 per oz., just a touch above where it began the year at $1,827.50 per oz.  However, persistent inflation,… Read More Here
Gold’s haven appeal burnished by drumbeat of growth warnings 8 Gold International 

Gold’s haven appeal burnished by drumbeat of growth warnings

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 an ounce. 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 about fresh economic… Read More Here
Ghana loses gold top spot as 2021 output falls to 13-year low 9 Gold 

Ghana loses gold top spot as 2021 output falls to 13-year low

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Ghana’s gold production fell 30% last year to its lowest in more than a decade, knocking the country off its spot as Africa’s top producer, the president of the mines chamber said on Friday, blaming a taxation change and operational challenges. He predicted production should strengthen this year as the mines address the challenges. The government has also announced a plan to purchase local gold that could encourage output. After a new tax was imposed on small-scale operations, output fell to 2.818-million ounces in 2021 – the lowest level since 2008 – from 4.022-million ounces in… Read More Here
Harmony Gold starts construction of three 10 MW solar photovoltaic plants 10 Gold 

Harmony Gold starts construction of three 10 MW solar photovoltaic plants

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Harmony Gold said on Thursday it had started construction of three 10 megawatt solar photovoltaic plants as part of its environmental, social, and governance (ESG) program. Demand for sustainability has multiplied in the past few years as shareholders increasingly expect companies to take steps toward greater transparency and use cleaner energy. The miner said the first phase of its renewable energy project consisted of a 30-megawatt solar energy plant in the Free State province of South Africa. The second phase would add 137 megawatts at its various longer-life mines, which the… Read More Here

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