Pulse.com.gh logo

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: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Ghana Politics Akufo-Addo fires Lands Commission bossbullet
2 New Appointment Nana Addo appoints Mahama as Lands Commission bossbullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 Mobile Money MTN freezes account of Ponzi scheme over GH¢11m defaultbullet
5 Mahama boys prevented me from meeting him – Fibre Optics Inventorbullet
6 Government Interventions UN expert says 1D1F, $1m Per...bullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 MTN Ghana Selorm Adadevoh is MTN Ghana’s new CEObullet
9 Achimota Mall’s Sidewalk Sales Full of Swanky Shopping...bullet
10 Fuel Price Hikes Fuel prices to drop again this weekbullet

Top Videos

1 New Discovery Ghana discovers new mineral, lithium in commercial quantitiesbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 Money Alert Meet Africa's richest womanbullet
6 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
7 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
8 Support Finance minister buys Kantanka carbullet
9 Video We are determined to move Ghana beyond aid - Bawumiabullet
10 Entrepreneurship How To Get Ready To Get Started |...bullet