S&P/ASX 200 in the green as gold price hits all-time record high of US$1943.93 per ounce

S&P/ASX 200 (INDEXASX:XJO) is up 0.11% at 12.23 pm driven higher by gold miners after the precious metal broke through US$1900 per ounce for the first time since 2011.

Renewed US-China trade tensions and COVID-19 anxiety have boosted the allure of the safe-haven asset.

Newcrest Mining Limited (ASX:NCM), Northern Star Resources Ltd (ASX:NST) and Saracen Mineral Holdings Limited (ASX:SAR) each gained between 3.35% and 5.52%.

COVID-19 update

In the US, more than 1,000 people died every day for four straight days last week due to COVID-19. That brings the total US death toll from the virus to more than 146,000 as of Sunday.

With overwhelmed hospitals and delays in testing, some local leaders, including Houston Mayor Sylvester Turner and Los Angeles Mayor Eric Garcetti, said a second stay-at-home order might be possible.

Victoria recorded its biggest case spike today, with 532 cases added to its tally — the worst new cases total recorded anywhere in the nation since the pandemic began.

However, Victorias chief health officer Brett Sutton said today should be the peak of Victorias second wave.

He added “Modelling with our effective reproductive number that I have seen most recently suggests that today should be the peak.

“Now Im not going to sit back and say today is the peak. We have to see what happens in coming days.”

Top gainers

Todays top gainers on the ASX include 9 Spokes International Ltd (ASX:9SP) (20.59%), VIP Gloves Ltd (ASX:VIP), Archtis Ltd (ASX:AR9) (+14.29%), Alto Metals Ltd (ASX:AME) (+28.17%), Northern Minerals Ltd (ASX:NTU) (+10.00%) and Oakdale Resources Ltd (ASX:OAR) (+33.33%).

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