Gold prices firmed on Wednesday as economic uncertainties stemming from the coronavirus pandemic linger. However, bullion’s gains were limited as the dollar also received a lift from safe-haven inflows driven by worries about a delay in the development of a covid-19 vaccine.
Spot gold was up 0.5% at $1,941.66 per ounce by noon EDT, shaking off initial declines. US gold futures advanced 0.4%, trading slightly above $1,950 an ounce.
Meanwhile the US dollar, also seen as a safe haven asset was at a near one-month high against rivals, making gold expensive for holders of other currencies.
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.