Gold Weekly Review

  1. Gold prices eased on receding fears over U.S.-China trade war. Chinese President Xi Jinping promised to lower import tariffs on certain products, helping soothe fears over an escalating trade row with the United States.
  2. All the trade war rhetoric between the U.S. and China is creating demand for gold, with Chinese investors embracing gold ETFs as a safe-haven option in case things get worse. China’s Bosera Gold ETF is on track to see biggest gains. It is the top third commodity ETF of 2018 so far, right behind New York-listed iShares Gold Trust and SPDR Gold Shares.
  3. Eldorado Gold Corp.’s plans to build a new gold and copper mine in Europe got a shot in the arm on Wednesday, after it received a favorable arbitration ruling in Greece.
  4. In a recent research report, commodity analysts at Macquarie said that Gold and Silver have the best potential of all commodities in '18.
  5. Six construction workers have been killed in an accident at Newmont’s Ahafo gold mine in Ghana, forcing the surface mine to suspend its operations, a local Newmont manager said.
  6. Pershing Resources Company, Inc., announced that it has signed a strategic alliance agreement with Reno based America's Gold Exploration Inc. Under the agreement, America's Gold will provide exploration and project management consulting services to Pershing Resources. Pershing Resources will, in turn, provide fundraising and business consulting services to America's Gold.
  7. Randgold Resources said that an ongoing strike by its subcontractor’s workforce at Tongon gold mine in the Ivory Coast, has started to hit operations. The Africa-focused gold producer is now not sure the operation will achieve its 290,000-ounce production forecast for the year.
  8. Perseus Mining announced that it began commercial production at its Sissingué gold mine in Côte d’Ivoire where first gold bullion was produced in January 2018.
  9. Gold Fields has signed a deal to form a 50:50 incorporated joint venture (JV) with Canadian mining firm Asanko Gold in Ghana. The agreement will see a subsidiary of Gold Fields acquire a 45% stake in the Asanko gold mine (AGM) in Ghana, as well as associated properties and exploration rights for a total consideration of $185m.
  10. Gold production at Sukari mine recorded 124,296 ounces during the first quarter of 2018, with an increase of 14 percent compared to the same quarter of 2017, according to Centamin Company.
  11. OZ Minerals said that it had received approval from the South Australian government to go ahead with the next phase of development its A$916 million (roughly $704m) Carrapateena copper-gold project.


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