Perseus Mining Ltd
Perseus Mining Ltd (ASX:PRU) is listed on the Australian Securities Exchange.
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Gold set to benefit from growing risks around COVID-19 with new record level seen before year-end
While gold prices may consolidate or be caught up in a broader sell-off in the short term, it is set to benefit from the growing risks of a second COVID-19 outbreak and the global economic turmoil.
Gold recorded a spectacular performance during the third quarter, soaring to an all-time high of US$2,067/oz in early August.
This was driven by escalating fears over the global economic downturn due to the COVID-19 pandemic and massive stimulus measures introduced by global central banks in an attempt to lessen the impact.
Gold averaged US$1,909/oz in the third quarter, up by 27% from the previous three months and 30% above the level seen over the same period of last year, said Refinitiv.
Fresh record before year-end
However, the yellow metal may hit a fresh record before the year-end, said Refinitiv. Gold price is forecast to average US$1,784/oz in 2020.
The underlying macroeconomic conditions such as the economic headwinds, low-interest rate environment, ongoing US-China tensions, rising inflationary expectations and the looming second wave of COVID-19, remain highly favourable for gold in the medium-to-long term.
Other Perseus Mining Ltd news
- Perseus Mining Exore acquisition will provide near-mine gold ounces
2020-06-03 - Perseus Mining assists in combating COVID-19 with donation to host communities in West Africa
2020-04-08 - Perseus Mining releases video update for Yaouré gold mine
2020-02-11 - Perseus Mining gains new substantial shareholder
2019-11-28 - Perseus Mining on its way to annual gold production of 500,000 ounces
2019-10-23
