In July 2022, Angola awarded a 30-year railway concession to a European consortium, rejecting a Chinese bid, while the US government announced over $560 million in funding for the Lobito Corridor project, aimed at enhancing mineral transport from Central Africa. President Biden emphasized the project's potential to drive economic growth and create jobs, while regional leaders highlighted the importance of local processing of minerals to benefit their economies. The Lobito railway, historically significant but troubled, is being revitalized to connect Zambia's copper mines to the coast, competing with Chinese infrastructure efforts.
Gold prices fell 3.44% to $2,616.80 per ounce as optimism surrounding President-elect Trump's Treasury pick and a potential Israel-Hezbollah ceasefire diminished the metal's safe-haven appeal. The market anticipates a shift in U.S. monetary policy, with a reduced likelihood of a rate cut in December, while a stronger dollar further pressures gold. Analysts predict continued volatility in gold prices amid the transition to the Trump administration and its economic policies.
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