Rédaction Africa Links 24 with lexpress
Published on 2024-04-03 02:50:00
| One ounce of gold equals 28.35 grams. |
Gold is currently experiencing an unprecedented speculative frenzy, offering a golden opportunity for gold exporters from the Great Island and for the state, which aims to export five hundred kilograms of gold by the end of the hundred days announced at the beginning of the term.
Under the sign of “gold at a high price,” the yellow metal has reached unparalleled heights in just a few weeks. Gold prices are skyrocketing, setting a new historical record on Monday with an ounce at 2,265 dollars, up from 2,258 dollars the day before. Financial analysts highlight a steady increase in prices since the end of 2023, a period marked by an unprecedented escalation of global geopolitical tensions and increasing economic uncertainty.
Conflicts in various regions of the globe, including the Russo-Ukrainian conflict and the Israeli-Palestinian troubles, have fueled increased demand for gold, considered a safe haven by investors. The recent announcements from the Federal Reserve regarding an anticipated reduction in interest rates this year have also contributed to this upward trend. This surge in gold prices, combined with the decline of the dollar on the international market, reinforces the perception of gold as a safe haven.
New Strategies
Facing this opportunity, the Great Island intends to capitalize on its gold exports. The Minister of Mines, Olivier Herindrainy Rakotomalala, emphasizes the importance of seizing this chance for the country and its economic operators, while emphasizing the need to clean up the gold sector.
Traceability of supply chains and the fight against excessive speculation are at the heart of the state’s concerns. In a broader perspective, the goal is to attract national and international investments while maximizing revenues from the mining sector. The Ministry of Economy and Finance’s projections foresee significant growth in the mining sector, estimated at 5.1% in 2024.
Despite the decline in mining activities of large mines, notably due to the decrease in demand and prices of nickel and ilmenite, the main sources of foreign currency for the Great Island, the country is exploring new strategies to address the situation.
The establishment of a gold refinery is being considered to valorize this abundant resource in the country’s sediment deposits.
Itamara Randriamamonjy
Read the original article(French) on lexpress.mg
