Gono hikes gold price

e getting since his last monetary policy in April.
Gono said the new price, which will be back-dated to the first of July, was effective immediately and urged producers to start delivering their produce to the central bank.
“As a country, our gold production levels have lately fallen victim to escalating operating costs, as well as elements of indiscipline, side-marketing and smuggling. Against this background of escalating operating costs, it has become imperative that the current gold support price be further enhanced”, Gono said.
Deliveries of the precious metal had dwindled to less than 10 percent of government expectations owing to its distorted pricing policy.
The increase follows after the country’s Chamber of Mines warned that gold producers were operating below 20 percent capacity and that some had suspended operations due to, among others, the gold support price which they felt was uneconomical. – CAJ News