Commodities

Abuja, July 12, 2025 – Nigeria is to hold its first national steel summit to position the country as a leading steel hub in Sub-Saharan Africa. It is also to unlock the country’s steel potential and boost the national Gross Domestic Product (GDP). Shuiabu Abubakar, the Minister of Steel Development, said this at a press briefing in Abuja. He said the summit, with the theme `Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness`, would hold in Abuja from July 16 to July 17, 2025. …

London, June 17, 2025 (Reuters) – Central banks around the world expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council (WGC) showed. Gold demand from central banks has risen significantly over the past three years despite its price rally to consecutive records. It hit an all-time high of $3,500.05 an ounce in April, up 95% since February 2022 when Russia invaded Ukraine. Seventy three central banks responded …

Kiev (Ukraine), May 8, 2025 – Ukraine’s parliament has unanimously voted in favour of ratifying a landmark mineral deal with the US, a lawmaker has said. Parliament approved the agreement with 338 members voting in favour, well above the required 226 votes, Ukrainian lawmaker Yaroslav Zheleznyak wrote on his Telegram account. No lawmaker voted against it or abstained. The ratification, a key step in setting the deal in motion, calls for the creation of a joint investment fund with Washington. The ratification comes a week after Ukraine and the US …

Accra, April 15, 2025 – Ghana on Monday announced it was banning all foreigners from trading in its local gold market as part of sweeping reforms aimed at boosting foreign exchange reserves and stabilising the local currency. The ban takes effect on May 1 and grants exclusive authority to a new state body, the Ghana Gold Board (GoldBod), to regulate and control artisanal and small-scale gold mining in a country where illegal mining has become a major issue. “It sends a strong message to foreign actors – especially Chinese operatives …

London, March 28, 2025 – Gold prices extended gains to scale a record peak on Friday amid escalating trade war fears following U.S. President Trump’s latest tariffs, while the spotlight was also on inflation data due later in the day. Spot gold climbed 0.6% to $3,075.77 an ounce as of 1108 GMT after hitting an all-time high of $3,086.21 earlier. Prices were headed for a fourth straight week of gains. U.S. gold futures added 0.1% to $3,081, after touching a record peak at $3,124.4 earlier in the session. “Gold has …

Bengaluru,  Feb 7, 2025 – Gold prices rose on Friday, hovering near record-high levels and set for a sixth successive weekly gain, as trade war concerns fuelled safe-haven buying ahead of the key U.S. payrolls report. Spot gold was up 0.3% at $2,864.11 per ounce, as of 0721 GMT, and has gained more than 2% this week. Bullion hit an all-time high at $2,882.16 on Wednesday “It’s still a trending market and we will continue to see gold prices pushing to newer heights because now it’s uncharted territory,” said Brian …

Abuja, Dec. 30, 2024 – The Tinubu Stakeholders Forum (TSF) has commended the federal government for lifting the five-year ban on mining activities in Zamfara State.  The group made the commendation in a statement signed by its Chairman Ahmad Sajoh and Secretary Josiah Afolabi. It described the decision as a good move that will boost the economic diversification agenda of the President Bola Tinubu administration. The statement reads: “This decisive action, as announced by the Minister of Solid Minerals Development, Dr. Dele Alake marks a significant milestone in harnessing the …

Abuja, Dec. 22, 2024 -The Federal Government says it has suspended the five-year ban on mining activities in Zamfara State. Dele Alake, the Minister of Solid Minerals Development, disclosed this in a statement on Sunday. “The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state. “Nigeria has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts,” the statement read. “The …