- Down by 3.9% compared with 2022
- Linked to the drop in production at 5 mines
- Gold price of 1,929.7 USD per ounce in the third trimester of 2023
- Demand for gold remains robust and prices high since the start of 2023
Between January and September 2023, Burkina Faso produced 41,947 tonnes, compared with 43,651 tonnes at the end of September 2022, a contraction of 3.9%. This information was published by the Directorate General for the Economy and Planning (DGEP) in its report on economic and development indicators. According to the DGEP, in September 2023 alone, industrial production of fine gold totalled 5,028 tonnes, down 2.1% on August 2023. This fall in gold production in September 2023 is mainly due to lower production at Bissa Gold (-40.8%), Semafo Mana (-35.3%), Houndé Gold SA (-20.1%), Essakane (-10.5%) and Wahgnion Gold (-8.5%).
As for the selling price of gold, it is following a downward trend after the historic peak in April 2023. The ounce of gold contracted for the second consecutive month, reaching 1,918.4 USD in September 2023, a slight fall of 0.1% compared with the previous month.
Compared with September 2022, the price of an ounce of gold is up by 13.8%. On average, the price of gold stood at 1,929.7 USD per ounce in the third trimester of 2023. The fall in the gold price in September 2023 can be explained by the rise in interest rates, particularly in the United States, which also led to the appreciation of the US dollar. However, demand for gold remains robust and prices have been high since the start of 2023. While the price of gold fell in September 2023, the US dollar rose. It is traded at 614.0 FCFA, up by 2.1% on the previous month and depreciating by 7.3% year-on-year. In the third trimester of 2023, the US dollar traded at an average of 602.9 FCFA, up 0.1% on the previous trimester. Compared with the third trimester of 2022, the average rate of the dollar against the franc CFA depreciated by 7.5%.
Synthèse de Elie KABORE
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