Business & Tech News
Gold Breaks Through $3000 level Hits New All-Time-High:
In a positive sign for African Gold producing nations, Gold climbed above $3000 per ounce briefly on Friday, hitting a fresh all-time-high price level. While it has subsequently dropped to around the $2990 level it looks to be testing the $3,000 mark. The spike in price has been driven by risk aversion and rising expectations of Federal Reserve rate cuts, as well as growing tensions between the Euro region and the US and uncertainty in markets that have created much volatility in share prices recently.
In the latest escalation of US President Donald Trump’s multi-front trade war, he warned of a 200% tariff that would be implemented on European wine and other alcoholic beverages after the EU imposed a 50% tax on American bourbon and whiskey exports. Meanwhile, recent PPI and CPI data from the US signalled easing price pressures in February, giving the Fed more room for possible rate cuts, boosting the appeal of the non-yielding yellow metal. Gold is currently up by 2,55% for the week and almost 3% in March so far.
Japan Stocks See Higher Demand Today:
The Nikkei 225 Index climbed 0.4% to surpass 36,900, while the broader Topix Index edged up 0.15% to 2,702 in early trading this morning. The lower prices of below value Tech stocks were bought up by hungry investors this morning. However, investor sentiment still appears to be cautious and market sentiment remained fragile with escalating global trade tensions still causing concerns. Investors continued to monitor Bank of Japan policy signals, as Governor Kazuo Ueda reaffirmed plans to reduce the central bank’s large balance sheet. Leading the tech-stock rally this morning were Advantest (+4.4%), Disco (+3.4%), and Keyence (+1.1%).
Senegal Production Output sees Positive Growth:
Senegal’s industrial production excluding that of cotton production, increased by a significant 29.3% compared to the same period in 2024, marking the strongest rise since April 2021. This growth was largely driven by a 61.1% surge in extractive industries, primarily due to the start of oil extraction in Senegal. Manufacturing is the most important sector in Senegal, and accounts for around 81 percent of total production. The biggest segments within manufacturing are: food (41 percent of total production), chemicals (17 percent of total production) and construction materials (16 percent of total production). Utilities including electricity and water account for 14 percent of total production and mining for the remaining 4 percent. Additionally, production in environmental industries rose by 27.2%, while manufacturing industries saw an 11.5% increase, further contributing to the overall industrial production growth during this period. On a monthly basis, industrial output rose by 16.2%.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar is trading stronger today against the Euro, and currently at 1.08946 against the Euro, and is currently at 1.29479 against the Pound. The Yen is also sitting lower at 148.73 to the dollar currently. The rand has strengthened against the Dollar, and is trading at R18.20 to the dollar currently.
Commodities:
- Gold prices have surged by 2,59% this week to break above the $3000 level, but has modulated slightly, and trading at $2987 currently.
- Copper is trading up over 4,3% for the week but fairly flat at 4.8845 currently.
- Silver is up 3,95% for the week, and at 33.809 currently.
- Platinum prices are moving upwards above the $1000 mark, and at $1004 currently, while Palladium prices are currently trading at $961.00
- Brent Crude Oil prices trading upwards at $70.40 currently, with WTI also trading slightly up at $67.18 currently.
- Cocoa futures are flat this morning, with prices currently at $8048 per ton.
- Coffee prices remain below the $400 mark, down over -1,5% today, and at $382.99 currently.
Crypto Currencies:
- Bitcoin is currently trading at $83102, up2,4*% today.
- Ether prices remain below $2000 and currently trading at $1898.88
- $Trumpcoin is up over 7% today and currently trading at $11.62
(All prices quoted at approximately 12H50 – Central African Time)
Other News in Africa Today
European Union Pledges South African Investments:
At a bilateral summit held at TuynHuys, the official Presidents residence in Cape Town yesterday, The European Union announced a €4.7 billion ($5.1 billion) investment package for South Africa to support green energy and vaccine production. The decision of the EU underscores a strengthening in economic and political ties with South Africa. The meeting was the first bilateral summit between the EU and South Africa in seven years.
Speaking at the summit, European Commission President Ursula von der Leyen drew parallels between the histories of the EU and South Africa, both of which emerged from conflict and found a path to peace through reconciliation. South African President Cyril Ramaphosa highlighted the importance of collaboration in upholding shared values.
