No Result
View All Result
Friday, February 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Gold tumbles, oil hits 5-year low

bycitibusinessnews
December 1, 2014
in Business, Mining, News, Oil And Gas
Share on FacebookShare on TwitterShare on Whatsapp

Gold prices tumbled on Monday December 1st, 2014 after Swiss voters overwhelmingly rejected proposals to boost gold reserves in a referendum, joining a broad rout in commodities that sent copper and oil prices to four- and five-year lows.

The slide in the oil and commodity prices is hurting many assets tied to the resource sector – from Australian mining shares to the Malaysian ringgit.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.9%, hitting six-week lows.

ADVERTISEMENT

US stock futures also slipped 0.4%, though some market players think the fall could stem partly from disappointing sales at the start of the US holiday shopping season last Friday.

European stocks are expected to fall, with Germany’s DAX and France’s CAC40 seen shedding 0.6%.

Gold fell more than two percent at one point to $1 142.90 per ounce, its lowest level in more than three weeks, while silver was also hit, falling more than six percent to a five-year low below $14.50 per ounce.

The Swiss gold reserves proposal, had it been approved, would have compelled the Swiss National Bank (SNB) to more than double its gold reserves and banned it from ever selling the metal, threatening its ability to defend a €1.20 cap on the Swiss franc imposed at the height of the eurozone crisis.

The Swiss franc dipped to SF1.2042 on the euro from SF1.2018 at the end of last week, though the Swiss currency is supported by investors who still regard it as one of the safest currencies in the world. It last stood at 1.2040.

“The result should of course temporarily relieve the pressure on the SNB’s currency floor, albeit whilst doing little or nothing in our opinion to reverse the fundamental downward trajectory of EUR/CHF,” said JPMorgan analyst Paul Meggyesi.

Oil prices hit five-year lows, unable to find a bottom despite their biggest fall in 2½ years last week after Opec held back from cutting output in the face of a supply glut.

US crude briefly fell more than 3% to a five-year low of $64.10 per barrel, with the fall from June exceeding 40%. It last stood at $64.56, down 2.4%.

Adding fuel to the fire, Saudi Arabia’s oil minister told fellow Opec members last week that they must combat the U.S. shale oil boom.

“They (Opec) can get by at $60 a barrel, but that price would knock out a fair whack of the competition – much of US shale oil for example – as well as put investment in future capacity growth firmly on the back-burner,” ANZ analysts said in a note. “They’re playing the long game, banking that others can’t.”

Copper also fell to as low as $6 230.75, piercing through its March low to hit its lowest levels since mid-2010. It last stood at $6 245.50, down 1.7%.

The Australian dollar fell more than one percent to a four-year low of $0.8417 as did the Malaysian ringgit, which fell to 3.437 to the dollar.

Adding salt to commodities’ wounds, Chinese official manufacturing data suggested growth is slowing in China, demand from which has supported commodity prices for years.

Sliding oil and raw material prices have stirred deflation fears in the eurozone and Japan, cementing expectations that the European Central Bank and the Bank of Japan will take more steps to support their respective economies.

The dollar, taking advantage of such concerns, attracted bids against the euro and yen.

The euro was slightly weaker at $1.2449 after having fallen on Friday on news that annual inflation in the eurozone cooled to a five-year low of 0.3% in November.

Many traders expect the ECB may signal further action later this week to ward off deflation.

The dollar also hit a seven-year high of ¥119.03 and the dollar index, which measures the greenback against a basket of major currencies, rose to 88.451, a four-year high.

“Given that the Fed is going to raise rates next year, the monetary policy divergence should support the dollar,” said Osao Iizuka, the head of FX trading at Sumitomo Mitsui Trust Bank.

The yen’s fall and lower commodity prices helped Japanese shares, with the Nikkei posting 0.8% gains to close at seven-year high.
Source: Fin24

Related Posts

Local Economy

Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

bycitibusinessnews

The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the...

Read more

Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

Deadline for debt exchange program moved to February 7 with new terms

Government finally makes progress on Debt Exchange Program

Policy Rate increased by 100 basis points; now at 28%

Africa loses $88bn annually through illicit financial flows – Akufo-Addo

AMA to roll out digital revenue collection system in March 2023

Next Post
Seth Tekper, Finance Minister

Implementation of CET will not be postponed-Tekper

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.