El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
The price of gold is expected to rise to $2,941 a troy ounce over the next 12 months from the current $2,661, delegates to the London Bullion Market Association’s annual gathering predicted on Tuesday.
A poll of delegates at the LBMA conference in Miami also predicted higher prices in a year’s time for silver, platinum and palladium.
Spot gold prices are up 29% so far this year, heading for the biggest annual gain in 14 years, amid the start of US Federal Reserve interest rate cuts and geopolitical tensions. The spot price hit a record $2,685.42 per ounce on Sept. 26.
Delegates from around the world also predicted that silver prices would jump to $45 per ounce in a year’s time from around $31.46 on Tuesday. Silver prices are up 32% so far this year. Silver touched a record high of $49 per ounce in 2011.
They forecast that platinum prices would climb to $1,148 from the current $984 and palladium would edge up to $1,059 from around $1,012.
(By Polina Devitt; Editing by Will Dunham)
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Herry Luke
Informed