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S&P/ASX 200 down but gold miners surge as the metal price hits nine-year peak

Oil prices fell on Tuesday amid concerns that a surge in new COVID-19 cases, especially in the US, will hamper any recovery in fuel demand.

Northern Star Resources Ltd - S&P/ASX 200 down but gold miners surge as gold prices hit nine-year peak
Australian banks have extended their coronavirus loan deferral scheme by four months

S&P/ASX 200 (INDEXASX:XJO) was trading 0.36% down at 5991 by 12.50 pm but gold miners have surged as global uncertainty pushed gold prices to near US$1800 an ounce - the highest in nine years

Northern Star (ASX:NST) is a standout with a rise of 6% after announcing production numbers for the June quarter and FY20.

Saracen (ASX:SAR) is up 2% after providing production numbers in-line with guidance.

Luxury vehicle sales in Australia

Sales of new luxury vehicles in Australia hit a record high last month.

The CommSec luxury vehicle sales index, a sample of 17 luxury marques, shows that sales totalled 12,235 units in June, double the level of May and up from the 11-year low set in April.

COVID-19 update

Wall Street closed weaker overnight as investors weigh up the fresh spike in COVID-19 cases and how that may impact the speed of the economic recovery.

The US, the country hardest hit by COVID-19, posted 60,209 new cases on Tuesday, a record for a 24-hour period.  

The country’s total number of cases is just shy of three million, at 2,991,351.

Victoria recorded 134 more cases of COVID-19 overnight with just 11 cases linked to outbreaks, and the rest under investigation.

Top gainers

Today’s top gainers on the ASX include Matador Mining Ltd (ASX:MZZ) (+9.52%), Nelson Resources Ltd (ASX:NES) (+16.00%), Canyon Resources Ltd (ASX:CAY) (+8.33%) and Core Lithium Ltd (ASX:CXO) (+17.02%).

Proactive news headlines:

Bardoc Gold de-risks pathway to gold production by raising $24 million

Bardoc Gold Ltd (ASX:BDC) has substantially de-risked its pathway to gold production at its namesake project near Kalgoorlie in Western Australia by completing a "transformational" $24 million institutional capital raising.

Cardinal Resources boosts balance on completing $11.96 million placement to Shandong Gold

Cardinal Resources Ltd (ASX:CDV) has raised A$11.96 million as a result of the issue of 26 million fully paid ordinary shares to Shandong Gold Mining (Hong Kong) Co Ltd (HKG:1787) in accordance with the terms of the bid implementation agreement (BIA) from Shandong released on June 18, 2020.

K2fly partners with Decipher to deliver tailings storage governance solution

K2fly Ltd (ASX:K2F) has partnered with Perth-based Decipher, which offers a cloud monitoring platform, to create an integrated monitoring and governance platform for tailings storage facilities.

MGC Pharmaceuticals granted licence to import wider range of medicinal cannabis product into Australia

MGC Pharmaceuticals Ltd (ASX:MXC) (OTCMKTS:MGCLF) has been granted an Import Licence by the Australian Office of Drug Control (ODC) which allows it to import any of its Schedule 4 and Schedule 8 medicinal cannabis products into Australia.

White Rock Minerals mobilising rig for initial 2,000 metres of drilling at Last Chance gold prospect

White Rock Minerals Ltd (ASX:WRM) is mobilising a drilling rig to Last Chance gold prospect within the Red Mountain Project in Central Alaska after executing a contract for an initial 2,000 metres of diamond core drilling. The drilling is expected to begin in early August following the identification of several promising gold targets.

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