Gold prices declined by 3.9% – Bank of Ghana

The Bank of Ghana (BoG) has announced that gold prices declined by 3.9 percent to average US$1,789.6 per fine ounce.

The central bank said this is due to pressures from the strong US dollar.

The Governor of the Bank of Ghana Dr Ernest Addison announced this during the 102nd Monetary Policy Committee (MPC) press conference on September 27, 2021

Regarding the other commodities such as cocoa, he said the average price of cocoa decreased marginally by 1 percent to trade at US$2,555.9 per tonne on the back of increased supply from major cocoa producers.

The average price of crude oil went up by 40.4 percent to US$70.5 per barrel driven by supply shortfalls and increased demand as economies reopen.