Ghana has ordered all large-scale mining companies to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday. The move is part of measures to operationalize a government plan to use gold to buy oil-products announced on Thursday by Bawumia.
New gold discoveries in Mali have increased the West African country's gold reserves to 881.7 tonnes at the end of October, or around 15 years of output at current production levels, a mines ministry official said on Friday.
* Dollar heads for weekly drop. * Silver, platinum bound for weekly gains. By Arpan Varghese. Gold prices steadied on Friday, en route to a weekly gain, buoyed by the dollar's retreat on a perceived dovish tilt in the U.S. Federal Reserve's interest rate hike strategy. Spot gold was little changed at $1,755.13 per ounce by 0633 GMT, having risen 0.4% so far this week.
Gold prices were flat on Friday, but they were set for a small weekly gain buoyed by the dollar's overall retreat on a perceived dovish tilt to the U.S. Federal Reserve's interest rate hike strategy. FUNDAMENTALS. * Spot gold was little changed at $1,753.47 per ounce by 0016 GMT.
Korean Zinc and commodities trader Trafigura are in advanced talks to form a joint venture to build a nickel smelter as part of the Korean company's expansion in renewable energy, batteries and resource recyling, they said late on Wednesday. Nickel is one of the key materials used to make electric vehicle batteries.
* Dollar broadly lower after Fed minutes. * Rising rates until early 2023 still a challenge for gold- ANZ. By Kavya Guduru. Gold prices rose to a near one-week high on Thursday on a weaker dollar, after minutes from the U.S. Federal Reserve's November meeting signalled it may soon slow the pace of interest rate hikes. Spot gold rose 0.5% to $1,758.14 per ounce, as of 1200 GMT.
Gold prices firmed above the key $1,750 an ounce level on Thursday, consolidating gains after minutes of the U.S. Federal Reserve's latest policy meeting signalled slower interest rate hikes. FUNDAMENTALS. * Spot gold rose 0.3% to $1,754.08 per ounce by 0033 GMT.
* Next Fed policy meeting on Dec. 13-14. * U.S. business activity contracted for a fifth month in Nov. By Seher Dareen. Gold prices extended gains on Wednesday as minutes from the U.S. Federal Reserve's November policy meeting showed a "substantial majority" of members opting to slow down rate hikes.
* U.S. Fed minutes due at 1900 GMT. * Markets see 50 basis-point Fed rate hike in Dec. * Gold may bounce in $1,751-$1,756 range - technicals. By Kavya Guduru. Gold edged lower on Wednesday with most investors on the sidelines ahead of minutes from the U.S. Federal Reserve's November policy meeting that could offer hints on its tightening path.
* U.S. Fed minutes due at 1900 GMT. * Markets see 50 basis-point Fed rate hike in Dec. * Gold may bounce in $1,751-$1,756 range - technicals. By Brijesh Patel. Gold was hemmed into a narrow trading range on Wednesday as investors positioned for the U.S. Federal Reserve's latest policy meeting minutes, which could offer clues on further interest rate hikes.
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