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Gold rises as coronavirus concerns lift safe-haven bid

Gold prices rose on Monday as worries over a surge in fresh Covid-19 infections globally dented investor optimism about a swift economic rebound and drove investors towards the safe-haven metal. Spot gold was up 0.2% at $1,773.43 per ounce by 0259 GMT.

Prices were $5.63 shy of a near eight-year high of $1,779.06, hit last week. US gold futures rose 0.1% to $1,781.60.

“Certainly the safe-haven buying is coming through fairly strong, with the fresh outbreak of coronavirus in the US, in particular, really driving that investor appetite at the moment,” said ANZ analyst Daniel Hynes.

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.