Gold prices settled higher Tuesday as global equities staged a modest retreat after being buoyant for weeks on the back of the reopening of economies stricken by the coronavirus pandemic.
Prices for the precious metals found some traction “in the wake of a risk off global trade in equities, official recession labeling for the U.S. economy and because of the market’s capacity to reject sub-$1,700 pricing for a second day in a row,” analysts at Zaner Metals wrote in a daily note.
Against that backdrop, August gold GCQ20, 0.19% on Comex rose $16.80, or 1%, to settle at $1,721.90 an ounce, after finishing Monday’s session up 1.3%.
Anglo Pacific Group plc (LON:APF) has a 2.5% life of mine NSR royalty on the El Valle-Boinàs/Carlés gold, copper and silver mine owned by TSX-listed Orvana Minerals Corp.