Ghana’s Trade Surplus Grows 12.5% in H1 2024 Amid Gold Export Surge
Ghana’s trade surplus expanded by 12.5% in the first half of 2024, reaching $1.8 billion, driven by a 47% increase in gold exports. Despite this growth, cocoa revenue dropped by 48%, highlighting challenges in the agricultural sector. The Ghanaian cedi weakened by 23% against the dollar, reflecting economic pressures. Key indicators show mixed results, with oil exports rising by 17% and gross international reserves increasing to $6.9 billion. As Ghana faces fluctuating commodity prices and rising public debt, strategic measures are essential for sustainable economic growth.
China’s Gold Imports Plunge Nearly 60% Amid Economic Uncertainty
China’s gold imports plummet by nearly 60% in June 2024, marking the lowest level since May 2022. This decline is attributed to soaring gold prices and a sluggish economy, prompting consumers to prioritize savings over luxury purchases. Analysts warn that ongoing economic challenges may further dampen gold demand, potentially impacting global gold market dynamics.
Macmahon Reveals $39.6 Million Exposure to Calidus Resources Collapse
Mining contractor Macmahon reveals $39.6 million exposure to Calidus Resources collapse, remains hopeful of recovering dues. Calidus under receivership of Kordamentha amid $60 million creditor dispute. Macmahon’s strategic approach to managing impact highlights complexities in mining industry.
Why Gold Bars Could Be The Ultimate Father’s Day Gift
Looking for the perfect Father’s Day gift? Consider gold bars for their emotional significance, investment value, and practicality. Discover why gold bars make a timeless and culturally significant gesture that stands out from traditional gifts like ties and gadgets.
Gold Market Shows Strength Near $2300 Support Level
The gold market has rallied from a crucial support level near $2300, with traders closely monitoring this key level. Despite ongoing geopolitical tensions, market participants are seeking breakout opportunities, targeting the $2,400 level. Factors like global central banks’ gold acquisitions and extensive borrowing by the United States contribute to the bullish outlook for gold prices.
Gold Prices Rally Amid Political Uncertainty in Europe
Gold prices rallied on Tuesday, bouncing back from a steep plunge on Friday as global stock markets, bond prices, base metals, and the Euro currency faced pressure following French President Emmanuel Macron’s decision to call a snap election. The risk of far-right leadership in France’s parliament has raised concerns about the country’s fiscal situation, impacting the Euro’s stability. Market analysts predict a prolonged period of Euro weakness, leading to a climb in Gold prices in Euros and US Dollars. The market volatility underscores the impact of political developments on financial markets, with investors closely monitoring the evolving situation in France and its implications for the Euro and global economy.
Innovative Method Developed to Extract Noble Metals from E-Waste
University of Helsinki researchers have developed sustainable methods to extract noble metals from e-waste using deep eutectic solvents. This innovative approach aims to address the growing issue of electronic waste while recovering valuable resources like copper, silver, and gold. The three-stage process allows for the selective extraction of metals from discarded electronics, promoting green chemistry principles and sustainable metal recovery practices.
Antarctic Volcano Spews Gold Dust Daily, NASA Reveals
Discover the incredible natural phenomenon in Antarctica where Mount Erebus is spitting out gold dust worth $6,000 daily. Named after the personification of darkness in Greek mythology, this active volcano emits gas pockets containing crystallized gold particles, with researchers finding gold in volcanic gases and surrounding snow. Despite the tragic event in 1979 when Air New Zealand Flight 901 crashed into its side, Mount Erebus continues to erupt, with NASA Earth Observatory reporting the gold emission reaching up to 621 miles away.
EPFL Researchers Unravel Quantum-Mechanical Effects Behind Photoluminescence in Thin Gold Films
EPFL researchers have made a groundbreaking discovery in the field of nanotechnology by developing a comprehensive model that unravels the quantum-mechanical effects behind photoluminescence in thin gold films. This discovery has the potential to significantly impact the development of solar fuels and batteries. By studying the nanoscale behavior of electrons as they absorb and re-emit light, researchers can gain valuable insights into semiconductor properties and use them to characterize electronic processes, such as those within solar cells.
Zimbabwe Launches New Gold-Backed Currency – ZiG
Zimbabwe has launched a new gold-backed currency called ZiG in an effort to stabilize its economy, which has been plagued by crises for the past 25 years. The introduction of ZiG aims to combat escalating inflation and restore stability, with the new banknotes available in denominations ranging from 1 to 200. Despite the introduction of ZiG, the US dollar will continue to be recognized as legal tender, accounting for 85% of transactions in the country. The new currency will be backed by precious minerals, predominantly gold, and foreign exchange to ensure its stability and prevent devaluation. The successful implementation and management of the new currency will be closely monitored as Zimbabwe embarks on this significant monetary reform.