Gold’s status as a safe-haven asset wanes due to rising interest rates and an increased appetite for riskier investments. Despite holding above the $1,900 mark since March, continued healthy employment and declining inflation in the US have shifted market perspectives. Analysts highlight challenges for gold, including the continuous selling of exchange-traded funds, with net outflows marking their lowest level since April 2020. Gold Prices The price of gold has weakened in the face of a
Gold mining company AngloGold Ashanti on Friday reaffirmed annual guidance as it reported an improved second-quarter performance compared with the first three months of the year, underpinned by a 12% increase in production. Gold production rose to 652 000 oz in the second quarter of 2023 compared with 584 000 oz in the previous three-month period. The stronger second quarter was supported by production and cost improvements across most assets primarily driven by both higher
The gold price has been relatively inactive compared to other markets this week, with the US Dollar and Treasury yields gaining momentum amidst risk aversion in the financial markets. Volatility has increased slightly, leading to speculation about potential movements in the XAU/USD (Gold vs. US Dollar) pair. The upcoming release of non-farm payrolls data is anticipated to have an impact on market developments. Earlier in the week, Fitch’s downgrade of US sovereign debt credit rating
Gold investment has shown resilience, according to the World Gold Council’s (WGC) ‘Gold Demand Trends’ report for the second quarter, released on August 1, 2023. Despite some softness in certain areas of the market, the report indicates that investment demand remains robust while fabrication demand faces challenges due to high prices and affordability concerns among consumers. The WGC’s projections for investment in the current financial year remain unchanged, thanks to strong over-the-counter (OTC) demand compensating
Gold prices reached a nearly three-week high on Tuesday 11th of July 2023, supported by a weaker dollar, as investors awaited U.S. inflation data that could impact the Federal Reserve’s decision on interest rate hikes. At 1223 GMT, spot gold was up 0.4% at $1,932.69 per ounce, marking its third consecutive session of gains. U.S. gold futures also rose 0.4% to $1,938.20. UBS analyst Giovanni Staunovo commented on the reaction to the U.S. inflation data,
Gold prices declined in thin trading on Monday as the U.S. dollar strengthened, while market participants looked forward to U.S. Federal Reserve Chair Jerome Powell’s upcoming testimony on Capitol Hill later in the week. By 10 a.m. EDT (1400 GMT), spot gold was down 0.3% at $1,952.00 per ounce. U.S. gold futures also fell by 0.4% to $1,964.00. With the U.S. markets closed for the Juneteenth holiday, trading activity was expected to be slow. The
Gold prices rose on Thursday as the U.S. dollar eased slightly, providing some respite to the precious metal. However, investor caution surrounding the Federal Reserve’s interest rate strategy and other economic cues kept gold trading within a relatively tight range. Spot gold increased by 0.3% to reach $1,945.69 per ounce, recovering some of its losses from the previous session, while U.S. gold futures rose by 0.1% to $1,959.90. The dollar index, which had been at
Gold prices fell in UAE and globally on Thursday morning as investors expect more interest rate hikes by the US Federal Reserve. The Dubai Jewellery Group data showed 24K trading at Dh238.0 per gram at the opening of the markets on Thursday, down from Dh238.75 per gram at the close of the markets on Wednesday. The other variants of the precious also opened lower as 22K was trading at Dh220.25, 21K at Dh213.25 and 18K
In a recent annual report published on the Ministry of Mines website, it has been revealed that the Democratic Republic of Congo (DRC) exported a total of 28,306.26 kilograms of gold in 2022. The exports generated a revenue of 1.104 billion US dollars during the evaluated period. The report also highlights the dominance of KibaIi Gold and MCCR in the industrial exploitation of unrefined gold exports. KibaIi Gold accounted for 99.83% of the exports, while
Gold exploration company Oriole Resources has announced the resumption of activities at the Senala gold project in Senegal. The company holds a 41.65% interest in the project. The resumption follows the acquisition of AGEM Senegal Exploration, a wholly owned subsidiary of IAMGOLD Corporation, by Moroccan mining company Managem Group. AGEM Senegal Exploration will continue to operate the project, while Managem takes control. Under the terms of a 2018 option agreement, Managem Group will fund the
