COVID-19 cases buoy record gold prices

Australian gold prices have reached another height, breaching and staying above $2600 an ounce since Tuesday this week.

The commodity reached its peak at $2634 an ounce on Wednesday (July 8) before settling at $2612 an ounce on Thursday (July 9).

Investing.com commodities analyst Barani Krishnan said the safe-haven crowd had managed to keep the yellow metal supported at the $US1800 ($2587) perch as an explosion in new coronavirus cases raised doubts about the United States’ economic recovery.

The United States saw a daily record of 62,425 new cases on Wednesday, a spike that has maintained its upward trajectory since June.

Data shows that there are now more than 3.1 million cases in the United States, with a death toll exceeding 134,000.

The superpower’s economy also shrank 5 per cent in the first three months of this year for its sharpest decline since the Great Recession of 2008–2009, according to Investing.com.

Gold miner Evolution Mining was among the top five gainers on ASX 200 (ASX’s 200 largest companies) yesterday, shooting up by 4.29 per cent to $6.32.

Anglogold Ashanti jumped by 4.21 per cent to $9.15, Kirkland Lake Gold gained 6.74 per cent to $67.46 and Oceanagold soared 6.53 per cent to $3.59.

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