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Mupane misses out as gold prices surge

Friday, August 02, 2024 | 280 Views |

Missing in action: Production has been suspended at Mupane

Gold prices surged closer to their all-time high this week, but the country’s sole producer, Mupane, will not benefit as creditors press forward with plans for the suspended mine’s liquidation.

The yellow metal hit a historic high on July 17, with spot prices at $2,482.97 per ounce, fuelled by demand from Asian investors, central banks buying bullion to diversify their reserves, and geopolitical tensions, particularly in the Middle East.

By press time on Wednesday, spot gold prices had reached $2,424.58, continuing their recent highs. Gold prices are up nearly 18% this year and are expected to remain at elevated levels through 2024.

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