adminIn an interview, the Zimbabwe Miners Federation (ZMF) organising secretary Mr Ishmael Kaguru attributed the rise to the labour disturbances in neighbouring South Africa, which is the world’s third largest gold producer.
The labour unrest which started at the Lonmin platinum mine has spread to other sectors, including gold.
Gold prices have risen from $1 571 to $1 784 in the past 60 days.
Mr Kaguru also said the disturbances were contributing to the increase in demand against limited supply which led to the prices rising.
“The disturbances in production caused by the labour unrest are largely contributing to the increase in demand against a background of low supply.
“It is also becoming difficult to determine the real price because it is fluctuating,” said Mr Kaguru.
He said although the situation across the border was dire, it was not affecting operations in the country.
“The situation in South Africa has had dire consequences on operations but that is not affecting us at all as we are progressing smoothly and everything else is in place,” he said.
Online Reporter