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.