Daily Gold Market Report

Enhanced Transparency In The Gold Supply Chain 
Major Step In The Digitalisation Of Gold 

(USAGOLD – 9/20/2023) Gold prices were trading slightly higher on Wednesday after rising for four straight sessions as investors await an interest-rate decision from the Federal Reserve. Gold is trading at $1,932.36, up a dollar, and Silver is trading at $23.32, up 12 cents. The Federal Reserve is expected to pause its interest-rate hikes Wednesday while leaving the door open for another increase as early as November.

In other news this week, All 33 World Gold Council members with operating mines, who collectively produce c.1,300 tonnes of gold per annum, have committed to publishing the names and locations of their refining partners on at least an annual basis, to include all operations where the primary revenue comes from the production of gold. David Tait, CEO of the World Gold Council, commented: “I am delighted that our members have committed to lead the way in transparency. Pursuing enhanced supply chain transparency is good for the companies who produce, the communities who benefit from employment, training and skills, and investors and consumers, who can be assured their gold has been responsibly produced and responsibly traded. The responsible gold mining industry should be rightly proud of the positive impact they have on the communities and countries where gold is mined.”

The Gold Bar Integrity Platform, an initiative started by the World Gold Council and LBMA, will provide the gold industry with a robust and verifiable ledger of responsibly mined gold, which will create significant opportunities for new product development and increase gold’s attractiveness as a trusted asset class for existing and new investors.