The Bank of Ghana (BoG) has adjusted downward, the prices of its Gold Coins following a decline in global gold prices. This marks the third consecutive price reduction for the Gold Coins, reflecting their sensitivity to international market trends.
As of Thursday, December 19, 2024, gold prices on the London Bullion Market Association (LBMA) closed at $2,592.05 per ounce, down from $2,684.35 the previous week. The drop in prices came amid market reactions to the U.S. Federal Reserve’s interest rate adjustments and a softer U.S. dollar.
Gold prices recovered slightly on Friday, with spot gold trading at $2,624 per ounce and U.S. gold futures settling at $2,645 per ounce, buoyed by easing Treasury yields and inflationary concerns.
The BoG Gold Coins, minted in denominations of 0.25oz, 0.50oz, and 1oz, have seen price reductions as follows:
0.25oz: GHS 10,617 (down from GHS 10,933)
0.50oz: GHS 20,371 (down from GHS 21,004)
1oz: GHS 39,937 (down from GHS 41,206)
These prices are based on an exchange rate of $1 to GHS 14.70.
The reduction in gold coin prices could make them more appealing to investors, potentially driving an increase in demand. However, it also underscores the volatility of gold assets, influenced by global price fluctuations and exchange rate dynamics.
As gold prices remain subject to international market forces, including monetary policy shifts and economic indicators, the BoG’s Gold Coins are likely to continue reflecting these changes. Investors are advised to monitor market trends closely while considering the long-term value of gold as a hedge against economic uncertainty.
