Gold Price Today
Source – Money Metals
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Mali suspends artisanal gold mining
Mali said on Wednesday it was suspending licenses for foreign artisanal gold mining companies after a series of fatal accidents in the West African country, one of Africa’s top three gold producers.
Gen. Assimi Goita, president of Mali’s transitional government, ordered “the suspension of artisanal mining permits granted to foreigners,” according to a statement issued following a Council of Ministers meeting.
“These measures are designed to further strengthen the state authorities and protect our fellow citizens. These measures give us the power to seize materials (mining equipment), which will be confiscated and placed in the domain of national heritage,” Gen. Daoud Ali Mohammedine, the minister of security and civil protection, said on ORTM.
Source – The Associated Press – Business News
New Gold Inc reports 2% increase in Q4 gold production
NGD’s gold production reached 298,303 ounces in 2024, whereas its guidance was 300,000-310,000 ounces.
New Gold’s copper production was at 14.5 million pounds for the fourth quarter, up 20% year over year. The annual copper production totaled 54 million pounds, within the company’s guidance of 50-60 million pounds.
The New Afton mine produced 19,652 ounces of gold and 14.5 million pounds of copper in the fourth quarter. Gold production increased 19% and copper production rose 15% from the third quarter of 2024. The B3 cave performed per expectations.
Source – Zacks
Gold prices recovered during early trade
“The precious metal pushed back above $2,600/oz, suggesting the market saw the selloff as overdone,” ANZ Research analysts said in a note to clients. “Nevertheless, the market will take some time to adjust to the pivot the Fed appears to have taken on rates.”
Source – BARRONS
Gold eases as dollar ticks up; Trump policies in spotlight
“With a stronger dollar and Treasury yields, it’s hard for gold to continue to move higher,” said Bob Haberkorn, senior market strategist at RJO Futures.
“(Gold) bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,826.30,” Jim Wyckoff, senior market analyst at Kitco Metals, said.
Source – Reuters
Gold prices volatile after the U.S. economy created 256K jobs in December
This figure significantly exceeded consensus forecasts, as economists had anticipated job gains of around 164,000.
Adam Button, a market analyst, pointed out that the unexpectedly strong employment report is driving the U.S. dollar higher, which is consequently weighing on gold prices.
Source – KITCO NEWS