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Silver soars, gold softens

The gold price has softened but silver rose above US$29 an ounce on the spot market earlier, representing a gain of about 54% over the past month.
Silver soars, gold softens Silver soars, gold softens Silver soars, gold softens Silver soars, gold softens Silver soars, gold softens

Vertikalny ore from Silver Bear Resources’ Mangazeisky project in Russia

Staff reporter

It was worth $28.72/oz at the time of writing, while gold was about $2,014/oz.

Russia-focused silver miner Silver Bear Resources (TSX: SBR) was among the metals and mining stocks on the rise in Toronto, gaining 15%.

Meanwhile US-China tensions continue and the number of COVID-19 cases globally has just passed 20 million.

Elsewhere, copper gained about 1.4% on the London Metal Exchange and aluminium was the only other base metal to end in positive territory.

Among the mining majors, Rio Tinto closed up 0.5% in London and Newmont closed 1.48% lower in New York.

BHP was A$1 shy of a one-year high in morning trade, up 1.46%. The company is due to report its FY20 results on August 18.

Finally, Sheffield Resources (ASX: SFX) had shot up more than 53% at the time of writing after announcing a non-binding term sheet with China's Yansteel, which would see the steel maker invest $130.1 million to form a 50:50 joint venture to develop the Thunderbird mineral sands project in Western Australia.