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Perseus Mining hits 5-year high as gold continues to rise

The ASX gold sector continues to outperform as Perseus shares traded at levels not seen since August 2013.

Perseus Mining Ltd - Perseus Mining hits 5-year high as gold continues to rise
The AUD gold price hit new all-time highs today

Perseus Mining Ltd (ASX:PRU) shares hit 80 cents today as the gold price continues to stay strong amid global political and trade tension.

With the AUD remaining low, buying below 68 US cents, the gold price in AUD terms is at record all-time highs.

Gold hit US$1,456 per ounce at around 1.00pm, which is A$2,150 per ounce using the current FX rate.

Other strong gold names today included Evolution (ASX:EVN), Gold Road Resources Ltd (ASX:GOR), Medusa Mining (ASX:MML), Millennium Minerals (ASX:MOY), Pantoro Ltd (ASX:PNR) and Resolute Mining (ASX:RSG) to name a few.

READ: Perseus Mining impresses the brokers with production growth and balance sheet strength

Three major brokers - Citi Research, Canaccord Genuity and Hartleys, recently all upgraded their target prices for Perseus.

The average of the target prices from these brokers is 93 cents per share, which suggests there may be more upside to come.

Perseus produced 271,824 ounces of gold at US$960 per ounce during the 2019 financial year.

The company also has secured funding to develop its third gold mine, Yaouré in Cote d’Ivoire.

The further the gold price continues to rise, the higher the margins Perseus produces at.

Quick facts: Perseus Mining Ltd

Price: 1.565 AUD

Market: ASX
Market Cap: $1.84 billion

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