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Category: Gold

Gold price plummets as US employment data beat expectations 1 Gold International 

Gold price plummets as US employment data beat expectations

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Gold prices took a hard fall on Friday after a strong US employment report boosted expectations the Federal Reserve could begin tapering its economic support sooner than previously anticipated. Spot gold plummeted 2.5% to $1,760.88 per ounce by 11:30 a.m. ET, its lowest in over a month, while US gold futures slid 2.6% to $1,760.90 per ounce in New York. The latest US non-farm payrolls (NFP) report showed that 943,000 jobs were added during the month of July. This figure was well above the market consensus estimate of 870,000. “The… Read More Here
Resolute to sell Ghana mine to Asante Gold for $90m 2 Gold 

Resolute to sell Ghana mine to Asante Gold for $90m

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Australian gold miner Resolute Mining Ltd said on Thursday it would sell its Bibiani mine in Ghana to Canada’s Asante Gold Corp for $90 million. The sale comes months after China’s Chifeng Jilong Gold Mining cancelled a deal to buy the mine, saying it had not received timely information about the termination of a mining lease. Resolute Mining shares rose 4.5% to A$0.58 in early trade. The deal had been approved by Ghana’s minister of lands and natural resources and is expected to be completed in the next 10 days, Resolute Mining said in a statement. The Australian miner, which… Read More Here
Gold price can still top $3,000 amid recovery, fund says 3 Gold International 

Gold price can still top $3,000 amid recovery, fund says

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Gold is primed to surge to fresh highs as the risks around central banks unwinding massive stimulus are under-appreciated by investors, said a fund manager who forecast the metal’s ascent to a record last year. Diego Parrilla, who manages the $250 million Quadriga Igneo fund, said there isn’t widespread awareness of the long-term damage that’s been caused by ultra-loose monetary and fiscal policies. Artificially low interest rates have created asset bubbles that are too big to burst, which will make it very difficult for central banks to normalize without risking… Read More Here
Chinese company disappears after 2 years of Precious Materials exploitation in Bafwasende 4 Gold Mining Companies Mining in DRC 

Chinese company disappears after 2 years of Precious Materials exploitation in Bafwasende

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The vice-president of the civil society of the territory of Bafwasende in the province of Tshopo, Mr. Philémon Tango staying in Kisangani, told the local press last weekend, that a Chinese company that exploited the precious materials in the Aruwimi River left without a trace. During 2 years of gold mining, this company did not respect the specifications of the local community, as required by law in this area. This situation worries the inhabitants of the region, including the local authorities, since this company making everyone believe that it was not… Read More Here
RANKED: World’s 10 biggest gold mining companies 5 Gold International Mining Companies 

RANKED: World’s 10 biggest gold mining companies

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Gold made history in 2020 when the price hit a record high in August as pandemic concerns weighed on investor sentiment. Gold mining has been a hallmark of commerce across the ages, and according to the USGS, about 244,000 tonnes of gold has been discovered to date, resulting in 187,000 tonnes of historical production, leaving the current underground reserves at 57,000 tonnes. Preliminary data shows about 3,200 tonnes of gold were produced globally over the past year. Even though many junior mining companies are engaged in the gold business, the industry today… Read More Here
Gold jumps to $ 1,831 an ounce on the international market 6 Gold International 

Gold jumps to $ 1,831 an ounce on the international market

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Gold prices jumped more than 1% on Thursday after moving sideways over the past week, as investors reacted to accommodative messages from the U.S. Federal Reserve after keeping the benchmark interest rate close to zero (as expected). The spot gold was up 1.3% at $ 1 830.06 an ounce at noon ET, near its highest level since mid-July. US gold futures gained a larger 1.7%, trading at $ 1,831.40 an ounce in New York. Fed Chairman Jerome Powell said on Wednesday   the central bank was “far from considering a rate hike” despite optimism about the… Read More Here
Gold extends gains to third day on Powell's dovish remarks 7 Gold International 

Gold extends gains to third day on Powell’s dovish remarks

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Gold gained for a third straight session on Thursday after U.S. Federal Reserve Chairman Jerome Powell struck a dovish tone, indicating much remains to be done before policy tightening begins, and as a softer dollar added support to the metal. Spot gold rose 0.6% to $1,818.50 per ounce by 0703 GMT. U.S. gold futures climbed 1% to $1,818.20. The Federal Reserve has talked down the risks of a rate hike and tapering a little bit, and that gives gold prospects to drift higher in the short term, said Kyle Rhoda,… Read More Here
Kula Resources aspires to revolutionize Zambian small-scale mining 8 Copper Gold Mining in Zambia 

Kula Resources aspires to revolutionize Zambian small-scale mining

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Kula Resources is a young and nimble mining firm with a mission to change Zambia’s small-scale mining industry. It now owns a number of locations (both copper and gold) in Zambia’s Northwestern province that it has begun mining or plans to mine. All of the sites are within 60 kilometers of the Kasempa base. In Mumbwa, the business also plans to develop a gold processing plant and has a memorandum of understanding with a community mining cooperative. The company has now commenced copper ore production at its first open pit… Read More Here
Egypt, Barrick Gold sign four contracts for gold exploration 9 Gold International New Mining Projects 

Egypt, Barrick Gold sign four contracts for gold exploration

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Barrick Gold (TSX: ABX) (NYSE: GOLD) has inked four gold exploration deals in Egypt’s Eastern Desert, the country’s ministry of petroleum and mineral resources said on Tuesday. The miner, which won an international tender Egypt launched last year, will explore in 19 new blocks in the Eastern Desert with an estimated total investment of $8.8 million. “We believe that it is essential to move into prospective emerging and underexplored mineral belts to maintain the discovery rate as part of a balanced development strategy,” Barrick SVP exploration, Joel Holliday, said in a separate statement. DESPITE… Read More Here
State to relaunch operations in gold purchase in the artisanal sector to limit fraud- DRC 10 Mining in DRC Artisanal mining Gold 

State to relaunch operations in gold purchase in the artisanal sector to limit fraud- DRC

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The Ministry of Mines of the Democratic Republic of Congo organized from July 8 to 10 in Kinshasa, the States General of its sector. The Congolese economy is mainly based on mines. But this sector is undermined by several evils including fraud which does not allow the Public Treasury to benefit from the finances generated by the exploitation of mineral resources. The States General in which, among others, mining industrialists from the private and public sector, government experts, made a hundred recommendations to boost this sector. Among these recommendations, it was “asked the central bank… Read More Here

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