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Gold now looks to $1,990/oz

Traders increased their open interest positions in Gold futures markets for the third session in a row on Thursday, this time by more than 21K contracts and reaching the largest single day build since mid-June according to flash data from CME Group. Volume followed suit and also rose for the third consecutive session, now by 7.4K contracts.

Thursday’s positive price action in gold prices was on the back of the continuation of the uptrend in open interest and volume, opening the door to extra gains and with the next target at the September peaks in the $1,990 mark per ounce.

Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe which produced 54,512 ounces of gold in 2018 at an All in Sustaining Cost of $802/oz.