The precious metal is up more than 20% this year amid mounting optimism on monetary easing and large purchases by central banks. It also has seen increased demand as a haven asset due to rising geopolitical risks, including tensions in the Middle East and Russia’s war with Ukraine.
Bullion began shooting higher earlier in the year — surprising seasoned analysts and veterans as there wasn’t always a clear macro catalyst to justify its price rally. It sustained those gains even as traders dialed back bets on the timing of rate cuts. More recently, gold has ticked higher as US officials widely are expected to start lowering rates soon.
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The Role of Drones in the Oil and Gas Sector
The oil and gas industry, a major player of the global economy, has always been at the forefront of technological innovation.
Gold price Tops $2,500 on outlook for lower rates
Gold topped $2,500 an ounce for the first time, bolstered by hopes the US Federal Reserve is edging closer to cutting interest rates. Spot bullion climbed as much as 2.2% Friday, exceeding the previous record set last month, as a disappointing reading on the US housing market reinforced expectations of fast and deeper cuts by the Fed. Lower rates generally are positive for gold as it pays no interest.
Helios Unveils Huge Solar Rooftop Project in Ghana
In Ghana, a mega solar rooftop project has been commissioned. Arguably the largest of its kind in Africa, the solar rooftop project represents a big boost for a country that has been struggling with power outages in recent years.
South Africa Battles to Fund Vital Grid Upgrade for Green Energy
South Africa's plan to expand its power grid, now the biggest bottleneck to replacing coal with renewables, has hit a snag: finding investors to lend the necessary $21 billion to a near-bankrupt state monopoly.
Senegal Sets up Probe into Oil and Gas Contracts
Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television in August.
Dangote Refinery Versus Powerful Oil Mafia
The Dangote Oil Refinery has run into problems already with powerful figures, including the industry regulator, the stateowned national oil company NNPCL, and their foreign collaborators out to derail one of the continent’s most important projects, months after its official commissioning.
New Egyptian Oil Minister Seeks Increased Oil Output
Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, has announced the formation of an advisory committee dedicated to enhancing oil field productivity and managing petroleum reservoirs through scientific and practical approaches that ensure sustainability, efficiency, and safety.
Eni Looks to Africa for Oil, Gas Boost
Italian energy giant Eni has stepped up high-level engagements with political leaders of key operating countries in sub-Sahara Africa in a bid to consolidate its long-term focus on Africa.
Invictus to Fund Zambabwe's Gas development through Money Market
Zimbabwe-focused Invictus Energy Company is hoping to raise funds from the domestic capital market to progress its 80% owned and operated Cabora Bassa project located in Northern Zimbabwe, following substantial gas discoveries in the Mukuyu-2 well.
Tanzania Grapples with $1.2 BN Gas Dispute
Toronto-listed Orca Energy has hit Tanzania's government with a US$1.2 billion claim in an T increasingly bitter dispute over a producing gas field it has run in the country for 20 years.
