Gold (Forex Index pm fix) - Today's data summary

% change
Price dollars per ounce
As of 01:00 10 Jul 2020

Gold (Forex Index am fix) - Today's data summary

% change
Price dollars per ounce
As of 01:00 10 Jul 2020

Latest updates

Sudan to launch gold stock exchange

Russell Padmore

BBC News Business

A jewellery shop in Khartoum
It's Africa's third-biggest producer but many traders smuggle exports for better prices elsewhere

Sudan plans to set up a market to trade gold that will set a standard price in line with global rates for the precious metal.

Sudan is the third-biggest producer of gold in Africa behind South Africa and Ghana. In 2018 it produced an estimated 93 tonnes.

But for many years gold has been smuggled out of the country, because better prices were available abroad.

This is the latest step in the government's efforts to regulate an industry which promises to be a major contributor to the economy.

The transitional government in Khartoum has been trying to overcome shortages of imported fuel and flour, with inflation running at 80%.

There is an acute shortage of foreign currency and this week the US dollar rose to almost double the official rate of the Sudanese pound on the black market.

Why gold refineries are springing up across Africa

Governments want to stop the illicit trade of the precious metal
Africa is seeing a growth in gold refineries opening up. They have received high political backing, and have been described as a means for Africans to make use of their natural resources, whilst obtaining a fair share of wealth that comes from gold mining and trade. Frank Mugyenyi, head of the minerals unit at the African Union, told BBC Newsday why the continent needs to refine its gold.

(Photo: An employee uses hammer to clean a gold ingot during the refining process at African Gold Refinery in Entebbe. Credit: Reuters/Baz Ratner)

Gold reaches a fresh all-time sterling record high

Gold bars

Gold has now reached a fresh all-time sterling record high above £1,300 per ounce.

It's up 12.7% in 2020 and has climbed 51.4% since David Cameron called the Brexit referendum four years ago.

The weekend's sudden panic over coronavirus spreading worldwide has caught the stock market very stretched, and money managers are clearly buying gold to hedge against a downturn in the global economy," said Adrian Ash, director of research at BullionVault.

"A pause in Covid-19 headlines might see gold take a breather too, but the metal has already risen in 10 of the last 12 weeks, and the broader outlook for lower growth and lower interest rates is increasing the metal's appeal as a form of investment insurance."