Gold Prices Instability of gold prices affecting mining sector – Chamber of Mines

Most investors rushed for the yellow metal because they feared the uncertainties a Trump government will lead the economy of the USA into.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

The Ghana Chamber of Mines has stated that it is difficult to put a definite price on the gold because of the unstable prices of the commodity on the global market.

The president of the Chamber Kwame Addo-Kufuor told Accra-based Citi FM that this affects the returns of industry players.

“It is very difficult to predict because the gold prices went up by 100 dollars after the election of US President Donald Trump. But later, the prices of the commodity dropped by the same margin.”

READ ALSO: Public express outrage over BoG's retirement package for staff

“The price of gold has also declined to below 1,200 dollars an ounce and the important thing is to continue to contain costs and optimise operations,” he added.

After the election of Donald Trump as president for the USA, the price of gold increased significantly on the global market.

READ ALSO: Gold prices surge as Trump wins

Most investors rushed for the yellow metal because they feared the uncertainties a Trump government will lead the economy of the USA into.

Investors avoided risky assets and pulled the majority of their resources into gold.

However, prices dropped confirming the Chamber’s assertions of the unpredictable nature of the commodity’s prices.

Meanwhile, the sector has exceeded its 3.3 billion dollars target for 2016. This has led to the Bank of Ghana projecting total revenue of 4.5billion dollars by the end of the year from the mining sector.

Guinness Ghana launches Tappers Palms

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Job Application How to write a CV that gets interview callsbullet
2 2018 Budget 100,000 graduates to be employed in 2018 will earn GHC47,...bullet
3 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
4 2018 Budget Statement Gov't must withdraw 2018 budget - Minoritybullet
5 Roads and Highways Minister closes down Buipe, Yapei bridges...bullet
6 2018 Budget Ghana's 2018 budget statement translated into 7...bullet
7 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
8 Ken Ofori-Atta Finance Minister hints of NIB, ADB mergerbullet
9 Yolanda Cuba Vodafone CEO scores Akufo-Addo government...bullet
10 Banking In Ghana NIB and ADB to merge?bullet

Top Videos

1 Entrepreneurship How to be resourceful as an entrepreneurbullet
2 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
3 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
4 Vodafone adbullet
5 Entrepreneurship Creating Success Systems | StartUpSchoolbullet