Gold prices firmed on Friday and were set for their first weekly gain in four as the dollar weakened on hopes of more U.S. stimulus, while investors awaited U.S. non-farm payrolls data due later in the day.
Spot gold rose 0.1% to $1,842.83 per ounce by 0717 GMT. U.S. gold futures were up 0.3% at $1,846.70. Gold has added about 3% so far this week.
“Upward momentum (in gold) is strong partly because of a weakening dollar and prices have been technically oversold,” said Margaret Yang, a strategist at DailyFX, adding that the metal could find strong support at $1,800 and $1,750.
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.