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Market futures up despite record increase in COVID-19 cases

Market futures are positive at the start of the week and the spot gold price has slipped just below US$1,800 an ounce despite the World Health Organisation reporting the biggest number yet of new COVID-19 cases.
Market futures up despite record increase in COVID-19 cases Market futures up despite record increase in COVID-19 cases Market futures up despite record increase in COVID-19 cases Market futures up despite record increase in COVID-19 cases Market futures up despite record increase in COVID-19 cases

Strike action could start this week at Zaldivar, the Antofagasta-operated copper JV with Barrick in Chile

Staff reporter

WHO said there were 230,370 new cases in the 24 hours to 10am yesterday, taking the global tally to more than 12.5 million, while the death toll is above 561,600.

The silver price strengthened towards $19/oz and gold price had risen above $1,800/oz again last week.

"Not much appears to stand in the way of gold challenging the all-time high of $1,921/oz set in September 2011," World Gold Council chief market strategist John Reade said on Friday.

He said as concerns about the impact of the coronavirus intensified, real rates had headed lower, helping gold.

Precious metals equities had surged in Toronto.

Russia-focused producer Silver Bear Resources (TSX: SBR) closed up 31% on no news.

On the TSX Venture Exchange, explorer Silver Tiger Metals (TSXV: SLVR) hit a 52-week high before closing up 39.6%, a day after saying channel sampling was underway at its El Tigre project in Mexico.

Meanwhile, the copper price rose almost 1.9% to finish the week above $6,400 per tonne on the London Metal Exchange, amid reports workers at Antofagasta's Zaldivar mine in Chile had voted to start strike action on July 15 over a pay dispute.

Antofagasta closed down 0.2% in London.

Elsewhere, gold major Newmont lost about 1.4% in New York while BHP was up more than 1% in morning Australian trade.