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Capital Drilling Plc

UBS says gold price could ‘break the highs’ seen this year

Gold price recovered Monday from last week’s drop as investors keep embracing safe-haven assets during a tumultuous economic environment hit by the covid-19 pandemic.

The logistics of transporting physical gold have also been impacted by the pandemic, with the precious metals industry scrambling to keep the market moving. Transportation costs have surged about 60% as a result of the worldwide lockdowns, increasing the premiums paid for metals.

Spot gold bounced back above the $1,700 an ounce mark early on Monday, rising 0.2% to $1,703.57 as of 2:30 pm EST. Gold futures for June delivery were up 0.6% on the Comex in New York.

Capital Drilling Ltd (LON:CAPD) provide complete exploration and production drilling solutions to customers within the global minerals industry, with a focus on the African markets & gold mining.

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