Gold prices rose on Monday to their highest level in more than three months, as a dip in U.S. Treasury yields and worries over surging COVID-19 cases in some Asian countries boosted demand for the safe-haven metal.
Spot gold was up 0.6% at $1,853.50 per ounce by 0519 GMT, hitting its highest since Feb. 10. U.S. gold futures jumped 0.9% to $1,854.10.
“Treasury yields are falling and on the other hand, there seems to be fears about virus resurgence in Singapore, Taiwan and broader Asian-Pacific markets… driving up demand for safety,” said Margaret Yang, a strategist at DailyFX.
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.