Gold futures edged down on Tuesday, but pared much of their earlier losses to settle above the psychologically important $1,800-an-ounce level.
Prices found support from U.S.-China tensions and the continued rise in COVID-19 cases, but were also pressured by some profit-taking in the wake of a price climb last week to levels not seen since 2011.
“Sideways price move for the last few days has resulted in day traders booking profit on [a] rise,” said Chintan Karnani, chief market analyst at Insignia Consultants. Gold futures on Monday climbed following two sessions of declines.
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.