Gold investment demand is surging as traders increasingly comprehend this leading alternative asset’s amazing fundamental backdrop.

Under the agreement, Trafigura will be paid $225.6 million by nickel and goldmining subsidiaries of state-run Kuvimba Mining.

Also lifting the safe-haven metal's appeal, data showed the US economy unexpectedly contracted in the first quarter.

Sales slumped 18% from a year earlier and imports plummeted by more than half in the January-to-March period as prices surged.

Glencore Plc is the latest giant miner to pare back production forecasts, in what’s turning out to be a difficult start to the year for companies.

Other Australian miners Fortescue and Newcrest also said their operations were being affected by Covid-related disruptions.

Production at the flagship Cadia gold mine in New South Wales soared 30% sequentially.