S&P/ASX 200 kicks off new quarter with gains as gold price hits highest level in 8 years

S&P/ASX 200 (INDEXASX:XJO) is up 0.67% to 5,938 points at 2.26 pm backed by a surge in gold mining shares after spot gold hit its highest level in nearly 8 years at $US1,785.46 per ounce amid ongoing coronavirus concerns.

Northern Star Resources Ltd (ASX:NST) is up 6.3% while Evolution Mining Ltd (ASX:EVN) surged 5.2%.

Best quarter since September 2009

June ended up being a solid month and quarter for Australian shares.

The ASX 200 rose by about 2.5% in June and about 16% per cent over the June quarter, making it the markets best quarterly performance since September 2009.

COVID-19 update

White House health advisor Dr. Anthony Fauci said on Tuesday that the U.S. is “not in total control” of the coronavirus pandemic and daily new cases could surpass 100,000 new infections per day if the outbreak continues at its current pace.

The US is now reporting nearly 40,000 new coronavirus cases every day — almost double from about 22,800 in mid-May — driven largely by outbreaks in several states across the South and West.

Dr. Fauci said about 50% of all new cases are coming from four states: Florida, California, Texas and Arizona.

Lockdown in Victoria

73 Victorians tested positive for COVID-19 yesterday as the state considers locking down more than just 10 postcodes.

Premier Daniel Andrews has issued a stark warning to Victorians on 3AW this morning: "If we don't get control of this really quickly we will end up with … a whole state shutdown.

"This is not over. This is so wildly infectious that even minor breaches of the rules can lead to this random movement of the virus around the community."

Top gainers

Top gainers on the ASX today include Titanium Sands Ltd (ASX:TSL) (+28.57%), Great Southern Mining Ltd (ASX:GSN) (+16.00%), Tietto Minerals Ltd (ASX:TIE) (+12.24%), Mako Gold Ltd (ASX:MKG) (+14.29%), Linius Technologies Ltd (ASX:LNU) (+16.67%) and Lake Resources N.L. (ASX:LKE) (+11.43%).

Proactive news headlines

VIP Gloves to boost annual output 60% with four new nitrile glove production lines

VIP Gloves Ltd (ASX:VIP) plans to boost production capacity by up to 60% with the installation of four additional new production lines over the next 18 months to meet the strong demand for nitrile gloves on the back of the prolonged global COVID-19 pandemic. As part of its plans, the company raised $2.3 million to part-finance the installation of the initial two new nitrile glove production lines at its factory premises in Selangor, Malaysia.

Canyon Resources robust PFS demonstrates Minim Martap Bauxite Project potential

Canyon Resources Ltd (ASX:CAY) has delivered a robust pre-feasibility study for the Minim Martap Bauxite Project in Cameroon, West Africa, that confirms the projects potential to produce high-quality, low-contaminant bauxite over a long mine life of at least 20 years via a multi-stage development. The PFS expands on Canyons scoping study in November 2019 and is underpinned by Minim Martaps very high-grade, low silica bauxite resource, positioning the project as one of the highest quality bauxite deposits globally and providing diversification away from concentrated Guinea supply.

Technology Metals 32% lift in indicated vanadium resource provides scope to boost Gabanintha mine life

Technology Metals Australia Ltd (ASX:TMT) has increased the Gabanintha Vanadium Project measured and indicated resource by 32% to 9.6 million tonnes at 1% vanadium, providing scope to extend the mine life. The increase is a result of a maiden indicated mineral resource Read More – Source