Gold prices extended gains to a fresh three-month peak on Monday as concerns around the Russia-Ukraine conflict supported bullion’s safe-haven appeal and sparked fears of supply disruption in the palladium market.
Spot gold gained 0.3% to $1,864.94 per ounce by 10:27 a.m. ET (1527 GMT), after hitting its highest level since Nov. 18. U.S. gold futures gained 1.5% to $1,869.60.
“We got flight to safety going into gold at the moment as equity markets are selling off. We also have lot of big economic data coming out this week and the main focus is the inflation,” said Bob Haberkorn, senior market strategist at RJO Futures.
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.