The Saracen Mineral Holdings Limited (ASX: SAR) share price has continued its good run and is higher in afternoon trade.
The gold miner's shares are up 3.3% to $1.16, bringing their 30-day return to almost 10%.
What happened?
Like its peers St Barbara Ltd (ASX: SBM) and Evolution Mining Ltd (ASX: EVN), Saracen Mineral's shares were given a lift this morning thanks to an increase in the gold price.
At the time of writing the spot gold price is fetching US$1.252, up around 1% from yesterday's low.
A rise in the gold price is great news for Saracen. As of the end of the March quarter, the miner was operating with an all-in sustaining cost (AISC) of A$1,510 (approx. US$1,140) an ounce.
This means the company is operating on far slender margins than many of its rivals.
For example, mining giant Newcrest Mining Limited (ASX: NCM) currently boasts an AISC of US$713 an ounce.
