S&P/ASX 200 edges higher as gold price hits new record high of US$1,966.76 per ounce

Gold jumped more than 1% to a fresh record high of US$1,966.76 per ounce in early Asian trade as investors rushed towards the safe-haven metal.

Fortescue Metals Group - S&P/ASX 200 edges higher as gold price hits new record high of US$1,966.76 per ounce
A new COVID-19 relief plan has been unveiled in the US

S&P/ASX 200 (INDEXASX:XJO) is up 0.39% at 12.45 pm after lifting as high as 1.1% earlier in the day boosted by a solid lead from Wall Street where major US tech names helped lift major indices.

Miners are the driving force behind the rise in the local index with gold miners particularly strong as the price of the precious metal touched another all-time record high today.

The move has been driven by a demand for the safe-haven asset and also due to a weaker US dollar.

Iron ore miners are also adding to the market’s gains with Fortescue Metals (ASX:FMG) up 4% and BHP Group (ASX:BHP) lifting 2.8%.

Falling consumer confidence for a fifth week running hasn’t dampened the Australian Dollar which is stronger at 71.66 US cents.

COVID-19 update

Victoria recorded 384 new COVID-19 cases today and six deaths, after a record number of cases were announced on Monday.

With more than 80 outbreaks and 764 active cases across private residential aged care facilities in Victoria, some private providers are struggling to maintain staffing levels and basic standards of care.

China recorded 61 new COVID-19 cases on Monday, the highest daily figure since April, propelled by clusters in three separate regions that have sparked fears of a fresh wave.

Top gainers

Today’s top gainers on the ASX include Twenty Seven Co Ltd (ASX:TSC) (+20.00%), Mako Gold Ltd (ASX:MKG) (+15.38%), Moho Resources Ltd (ASX:MOH) (+16.13%), Musgrave Minerals Ltd (ASX:MGV) (+12.32%) and White Rock Minerals Ltd (ASX:WRM) (+16.67%).

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