The increase in smuggling has contributed to a decline in legal imports.

President Luiz Inacio Lula da Silva said illegal mining will be eliminated in Brazil.

Gold price may hit an average of $1,862 this year, up from its record average of $1,802 in 2022, says the investment bank.

B2Gold produced 1.03 million oz. gold last year, with 367,870 oz. coming from the fourth quarter.

Gold and its miners’ stocks both just flashed major Golden Cross buy signals.

"The US dollar is finding some form of stability and in turn we could see gold prices heading lower into next week," analyst says.

The country's gold output rose 13.09% year-on-year to 372.048 tonnes.