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Tag: gold

Gold hits record high amid escalating US-China trade tensions
News

Gold hits record high amid escalating US-China trade tensions

The price of gold surged to an all-time high on Wednesday as mounting fears over the deepening trade war between the United States and China rattled global markets. Gold climbed to $3,357.40 (approximately ₦4.9 million) per ounce before easing slightly, marking a nearly one-third increase in value since the start of the year. The sharp […]

Gold surpasses $3K per ounce first time ever
News

Gold surpasses $3K per ounce first time ever

Gold prices soared past the historic $3,000 per ounce mark for the first time on Friday, extending a record-breaking rally driven by mounting trade tensions and growing expectations of U.S. interest rate cuts, reinforcing the metal’s status as a safe-haven asset. Spot gold rose 0.4% to $3,000.39 per ounce as of 10:31 GMT. This milestone […]

IMTO inflows surge 63.7% in 2024 amid CBN reforms
News

Naira declines, erasing recent gains in official, parallel markets

Over the past week, the Nigerian naira experienced a depreciation against the US dollar in both official and parallel markets. At the official market, the naira weakened by approximately 1.66%, closing at ₦1,517.24 per dollar from ₦1,492.49 the previous week. Similarly, in the parallel market, the naira eased to an average of ₦1,520 per dollar, […]

News

Gold holds steady as economic uncertainty fuels safe-haven demand

Gold prices remained steady after last week’s gains as growing concerns about the global economy boosted demand for safe-haven assets. Spot gold held near $2,912 an ounce after rising nearly 2% last week. In the US, President Donald Trump warned of a “period of transition” while pushing tariffs and federal job cuts. Meanwhile, Chinese data […]

Top 10 gold-producing countries worldwide
News

Top 10 gold-producing countries worldwide

By Gbolahan Bose Opeyemi   Gold has always been regarded as a very valuable and respected metal. Because of its consistently shown enduring worth, it is a highly sought-after commodity worldwide. Gold can be mined through placer mining, panning, sluicing, and dredging. The precious metal can also be produced as a byproduct often with copper […]

News

Gold prices rise, US dollar weakens as European markets reopen

Gold prices climbed higher on Tuesday as the US dollar gave up some of its gains, and European markets reopened after the Easter holiday. Spot gold was up by 0.7% to $2,004.10 per ounce, while US gold futures gained 0.8% to $2,018.80. Investors are awaiting US consumer price data and minutes from the Federal Reserve’s […]

Gold prices rise, US dollar weakens as European markets reopen
Business

Gold prices rise as US dollars dip

Gold prices edged higher on Tuesday, despite the presence of higher bond yields and waning fears of a banking crisis, Reuters reported. The weaker US dollar lent support to the safe-haven asset, with spot gold up by 0.3% to $1,961.70 per ounce at 10:25 a.m. EDT. Meanwhile, US gold futures rose 0.5% to $1,963.70. The […]

Economy

FG gains N19.2bn from gold, others in Q1 – NBS

The National Bureau of Statistics had shown that the Federal Government had gained N19.2bn in the first quarter of 2022 from gold deposits despite not having a robust gold extraction in deposits and production. The report, titled ‘Trade In Goods Statistics,’ said the commodity classified as ‘Gold unwrought or in semi-mfr. forms, or in powder […]