Gold prices hit a three-month high on Monday after last week’s miss on the U.S. jobs growth numbers kept the dollar under pressure and bolstered expectations that interest rates will remain low for some time.
Spot gold rose 0.5% to $1,840.11 per ounce by 10:49 a.m. EDT (1449 GMT), after touching its highest since Feb. 11 at $1,845.06. U.S. gold futures gained 0.5% to $1,839.90.
“The disappointing U.S. job number ultimately catalyzed around algorithmic short-covering,” said TD Securities commodity strategist Daniel Ghali.
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.