DiaMondaine Diamantaires Club mulls diamond safari tours in southern Africa

DiaMondaine Diamantaires Club (DDC) is set to organise diamond safari tours in southern Africa, home to major diamond-producing countries. DDC founder Agnes Abdulahu told Rough&Polished’s Mathew Nyaungwa that the launch of the first diamond safari...

15 july 2024

Vladislav Zhdanov: Questions of efficiency and investment potential of diamond mining versus diamond growing pique keen interest

Vladislav Zhdanov is Professor at the National Research University Higher School of Economics (HSE). He told Rough&Polished about new researches into the effectiveness of diamond production methods.

02 july 2024

Why it's expensive to cut and polish diamonds in Africa? ADMA president António Oliveira has the answer

The African Diamond Manufacturers Association (ADMA) president António Oliveira told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that the lack of a robust infrastructure in Africa fails to accelerate and encourage manufacturing...

24 june 2024

Edahn Golan: IPO feasible but not Anglo’s preferred way to sell De Beers

Edahn Golan, owner of the eponymous Edahn Golan Diamond Research and Data, told Rough&Polished's Mathew Nyaungwa in an exclusive interview that while an IPO of De Beers is “feasible,"  he does not think this is a route Anglo American...

17 june 2024

GemsCouture- avant-garde by Victor Moiseikin

Jewelry items and precious souvenirs of the MOISEIKIN jewelry brand are in the museums and private collections of world celebrities, representatives of the political and cultural elite - from Xi Jinping to the British Windsors, from Angela Merkel to...

05 june 2024

Analysts: Gold prices to touch $2,300 as US rate hikes nearly come to an end

18 august 2023

Gold prices are expected to rise later this year and in early 2024 as the US interest rate hike cycle will end soon, pushing precious metal up by around 20 per cent to $2,300 an ounce, say analysts.

The yellow metal has been declining in the past few weeks, trading close to a one-month low at $1913 per ounce.

In the past few months, the Gold prices settled into a $1,900 to $2,000 range. Despite the recent weakness, it continued to trade up around five per cent on the year. In addition, investors have responded to the better-than-expected performance across the major stock markets, especially in the US, by cutting back their gold exposure through exchange-traded funds (ETFs).

Since early June, investors have cut their total gold holdings via ETFs by 100 tons to 2,821 tons, the lowest level since April 2020.

Meanwhile, World Gold Council said January and August are historically the strongest months for gold returns.

Bas Kooijman, CEO and asset manager of DHF Capital, said: "Over the longer run, gold could continue to find support from central bank demand, which could remain elevated. Jewellery markets could also help prop up the metal in particular if economic growth remains strong and the Chinese economy recovers more strongly."

Ole Hansen, head of commodity strategy at Saxo Bank. forecasted that outlook for gold, however, remained supportive based on the assumption that the US rate hike cycle will end soon and be followed by a succession of rate cuts. "We see gold hit a new record high later in the year, and once the rate cut cycle begins next year, it may reach as high as $2,300,” added Hansen.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished