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Gold holds above US$1,900/oz

The gold price is soaring to fresh highs as rising geopolitical tensions add to COVID-19 woes.
Gold holds above US$1,900/oz Gold holds above US$1,900/oz Gold holds above US$1,900/oz Gold holds above US$1,900/oz Gold holds above US$1,900/oz

Eldorado Gold bars

Staff reporter

Comex gold futures for December delivery hit an all-time record earlier today of US$1935.10 an ounce, sister publication MiningNews.net reported.

The spot price crossed the US$1,900 an ounce mark on Friday for the first time since 2011 and was worth $1,916/oz at the time of writing.

Gold's previous peak was $1,921/oz in September 2011.

Silver has risen above $23/oz.

Market futures were mixed after a downbeat finish on Friday around the globe.

Unsurprisingly, gold producers represented the majority of top market risers in morning Australian trade.

Africa-focused Perseus Mining (ASX: PRU) was up 6.7% at the time of writing, while fellow Africa-focused Resolute Mining (ASX: RSG) and Western Australia-based Saracen Mineral Holdings (ASX: SAR) were both up about 5%.

It had been a similar story for gold equities in Toronto on Friday, where Yamana Gold (TSX: YRI) closed up 9.3% and hit a one-year high, and Eldorado Gold (TSX: ELD) rose 4.1%.

Among the majors, BHP was up 0.48% in morning trade, Freeport-McMoran had finished the week down 1.5%, Barrick Gold had gained 1.9% and Rio Tinto had lost 1.4% in London.