“The recession fears are still there in the background,” said WisdomTree commodity strategist Nitesh Shah.

The restart plan involves de-bottlenecking and completing critical capital projects and building up stope ore inventory to achieve a more efficient ramp up.

Oklahoma is a likely location for the new plant, although there are no guarantees an agreement will be reached, says WSJ.

The July FOMC meeting could be a game-changer for gold.

Gold's decline comes after Powell signalled that the US central bank will likely keep raising interest rates and leave them elevated for a while.

The soaring profits unveiled by Australian miners this week were a beacon of light amid the gloom dominating economic headlines.

Raw material costs have more than doubled since Elon Musk said Tesla will produce 20 million vehicles per year before 2030.

The government’s main measures of US growth pointed in different directions in the first half of 2022, underpinning further debate on the health of the economy.