Gold tumbles as stronger dollar hurts appetite for safe-haven
Onome Amuge
March 19, 2022
BY ONOME AMUGE Gold futures plunged as the dollar strengthened against its rivals, hurting appetite for bullion for buyers overseas, while the safe-haven demand for the yellow metal spurred by Russia’s invasion of Ukraine lost momentum. As a result, gold plummeted for a second consecutive week to its biggest weekly decline in percentage terms, since […]
Global demand for gold rises 52% in Q1 2021
Online EditorApril 29, 2021
Onome Amuge Global consumer demand for gold jewellery surged 52 per cent year-on-year in the first quarter of 2021 amid a drop in bullion prices and global economic recoveries from the covid-19 pandemic, the World Gold Council said in its gold demand trends report published on Thursday. According to the report, consumers bought 477.4 tonnes […]
Gold prices record marginal gain over falling US dollar, treasury yields
Onome AmugeApril 19, 2021
Onome Amuge Gold futures settled higher on Monday to record a seven-week peak as a weakened dollar and softened U.S treasury yields raised the precious metal’s appeal but appetite for riskier assets remained strong, analysts report. Spot gold inched closer to the $1,790 level as it traded at $1,783.88 per ounce, its highest since February […]
Gold suffers more knocks as dollar, treasury yields strengthen
Onome AmugeMarch 31, 2021
Onome Amuge Gold, which has over the past few weeks lost clarity on direction, extended its losses on Tuesday as it stumbled to its lowest level since March 8. The sharp decline in the yellow metal occured after the US dollar and the US Treasury yields rose to their highest levels. The US Dollar Index […]
Gold plunges deeper amid spikes in dollar, US treasury yields
Online EditorMarch 8, 2021
Onome Amuge Gold prices continued a downward slide on Monday while the dollar and US treasury yields gained higher grounds, forcing investors to dump the non-yielding metal to focus on more attractive assets. Spot gold shed 1.2 per cent to $1,679.67 per ounce, its lowest since early June, U.S gold futures also stumbled 1.2 per […]
Gold heads for sixth weekly gain
Businessam StaffJuly 17, 2020
Silver heads for sixth straight weekly gain Gold rose on Friday and was headed for its sixth consecutive weekly gain as surging coronavirus cases fuelled demand for safe havens, reports Reuters news agency. Spot gold had climbed 0.5% to $1,805.43 per ounce before midday with U.S. gold futures also up 0.4% at $1,806.80, the agency […]
Illegal mining, smuggling cost Nigeria $3bn in seven years–Buhari
Businessam StaffJuly 17, 2020
President Muhammadu Buhari has revealed that Nigeria lost about $3 billion to smuggling and illegal mining of gold between 2012b 1nd 2018. A statement issued by Femi Adesina, his special adviser, media and publicity, the president stated this at the presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative in […]
Will gold hit $3,000? A fund manager thinks so, with a 47% surge
Businessam StaffJuly 16, 2020
A hedge fund manager is predicting that gold will witness a 47 percent upward push within five years and that this will see it climb above $3000 an ounce, well above the $1,800 that many analysts have suggested. In a monitored Bloomberg report, the hedge fund manager said unprecedented monetary stimulus will fuel assets […]
Gold price retreats after investors switch to stocks
Kenneth AforMarch 26, 2020
Kenneth Afor Gold prices on Wednesday retreat to a downward trend after recording some gains at the Comex of the New York Mercantile Exchange (NYME) in more than a decade. The reason for the retreat by some investors who are switching to stocks was the proposed $2 trillion stimulus package by Donald Trump to cushion the effect […]
Nigeria government to off-take locally produced gold
Businessam StaffFebruary 25, 2020
The federal government has begun the registration of artisanal miners, following the commencement of the Presidential Artisanal Gold Mining Development Initiative biometric exercise. The registration exercise was flagged off in Yauri Local Government Area of Kebbi State on February 22. The exercise, which is supported by the Central Bank of Nigeria, is in line with […]