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S&P/ASX 200 gains 0.50% as gold miners shine

Gold prices have bounced back due to a weaker US dollar and growth concerns linked to the ongoing spread of COVID‑19.

Wiluna Mining Corporation Ltd - S&P/ASX 200 gains 0.50% as gold miners shine
Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast

S&P/ASX 200 (INDEXASX:XJO) has gained 0.50% to 6,121.6 by 12.40 pm after the precious metal rebounded overnight above US$1950 an ounce, helping local gold stocks shine.

Gold miner Perseus Mining Limited (ASX:PRU) gained 6.38%, Evolution Mining Ltd (ASX:EVN) rose 5.24% and Saracen Mineral Holdings Limited (ASX:SAR) increased 3.69%.

Australian economy

Reserve Bank Governor Philip Lowe spoke today about the state of Australia’s economy to the House of Representatives Economics Committee.

He said: “We do not yet have the GDP data for the June quarter, but it will show the biggest economic contraction in many decades, likely to be around 7%.

“If there is any good news to be found here, it is that this decline is not as large as initially feared.

“The recovery is also likely to be more drawn out than was initially expected despite the downturn being less severe than expected.

“There are a few factors at work here. The most obvious is the outbreak in Victoria.

“We are expecting the published unemployment rate to decline gradually from 10%, but to still be around 7% in a few years' time.”

COVID-19 update

Victoria confirmed 372 new COVID-19 infections and 14 deaths in the last 24 hours – which includes Australia's youngest COVID-19 death of a man in his 20s.

On Wednesday, the US reported its highest number of COVID-19 deaths in a single day since mid-May, at nearly 1,500.

The US has now seen its seven-day average of newly reported deaths remain above 1,000 for 17 consecutive days.

Top gainers

Today’s top gainers on the ASX include Australian Potash Ltd (ASX:APC) (+11.11%), Twenty Seven Co Ltd (ASX:TSC) (20.00%), FYI Resources Ltd (ASX:FYI) (+10.00%), Latin Resources Ltd (ASX:LRS) (+22.22%), Linius Technologies Ltd (ASX:LNU) (+11.11%) and Legend Mining Limited (ASX:LEG) (+12.59%).

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