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.
Prices of copper climbed on Friday, supported by a weaker dollar, while its gains were limited by six-year high treatment and refining charges that reflected an expected oversupply of copper concentrate.
Workers at Chile's Escondida mine, the largest copper deposit in the world, turned down an offer by BHP and could stop work on Nov. 28 and 30 if the company does not meet their demands, a union source told Reuters on Thursday.
Copper prices drifted higher on Thursday, buoyed by a weaker dollar, optimism that the pace of U.S. interest rate hikes will slow and further support for China's troubled property sector. Three-month copper on the London Metal Exchange gained 0.4% to $8,040 a tonne by 1045 GMT.
Copper prices gained on Thursday, helped by a weaker U.S. dollar after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon. Three-month copper on the London Metal Exchange was up 0.8% at $8,072.50 a tonne by 0201 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange rose 0.2% to 65,060 yuan a tonne.
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.
* Fed's November meeting minutes due on Wednesday. * Platinum seen in deficit in 2023 - WPIC. By Seher Dareen. Gold prices on Tuesday steadied above last session's low as a retreat in the dollar and benchmark U.S. Treasury yields was offset by a rise in equities, while investors awaited cues on the U.S. Federal Reserve's monetary policy path.
* Fed's November meeting minutes due on Wednesday. * Platinum seen in deficit in 2023 - WPIC. * Silver, palladium up over 1% each. By Kavya Guduru. Gold prices snapped a four-session slump to rise on Tuesday, propped up by a retreat in the dollar while investors awaited cues on the U.S. Federal Reserve's monetary policy path. Spot gold was up 0.5% at $1,746.52 per ounce, as of 1001 GMT.
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