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Gold price rises today

Gold rose on Tuesday, on growing fears of a coronavirus resurgence in some countries and prospects of Sino-US tensions flaring further, though gains were capped by a stronger dollar.

Spot gold was up 0.4 per cent at $1,702.69 per ounce by 0804 GMT. US gold futures climbed 0.5 per cent to $1,705.90 per ounce. The new wave of infections is “priced through the fact that markets are looking at negative (US) interest rates,” ANZ analyst Daniel Hynes said, adding that the market was expecting some additional support from the Federal Reserve. However, “we have (also) had a little bit of a rally in the US dollar, which certainly crimps investor appetite.”

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.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.