Gold prices jumped more than 1 per cent, just shy of the $US1,900 level overnight, boosted by an easing US dollar and hopes for more stimulus to revive virus-hit economies, while a rise in US jobless claims raised concerns of a slower economic recovery.
The ASX has closed higher after Treasurer Josh Frydenberg delivered a budget update that showed a deficit that was not as high as the market had feared.
Northern Star Resources has achieved record gold output for the June quarter, with production from its Australian operations up 6.5 per cent on the same time last year.
Newcrest Mining has achieved its production guidance for the 2020 financial year, however, the goldminer’s full-year output was 13 per cent down on the prior year.
Takeover target Cardinal Resources has received a higher purchase offer from China-based Shandong Gold, after competing buyer Nordgold upped its bid last week.
Oil prices fell overnight as US government data showed a surprise rise in US crude inventories, and as tensions escalated between the United States and China.
Gold surged to a nine-year peak overnight as an escalation in US-China tensions stoked demand for safety, while silver followed bullion's rally to hit a near seven-year high on hopes for a recovery in industrial demand.
Retail sales in Australia rose a solid 2.4 per cent in June, as people flocked to reopened cafes and restaurants and spent more on clothing in the first full month of trade since the lockdowns ended.
The Australian share market has fallen across most sectors as investors apparently looked to book profits after recent gains, while the dollar has hit a 15-month high.
Shares in both Metalicity and Nex Metals Exploration were up today after the joint venture recommenced drilling at the high-grade Kookynie gold project in Western Australia.
OncoRes Medical has been awarded $1 million in federal funding to develop technology that can reduce the need for repeat operations in breast cancer patients.
Spanish suitor Iberdrola has conditionally offered to raise its bid for wind farm operator Infigen Energy in an effort to speed up acceptance from the latter's shareholders.
QBE Insurance Group has flagged a half-year net loss after tax of $US750 million ($A1.1 billion), reflecting the impact of the COVID-19 pandemic, higher claims and a loss on its investment portfolio.
The engineering consortium that built the Ichthys LNG plant has lost a Court of Appeal case relating to $1.5 billion worth of claims against three contractors.
The state government said today it was planning a safety inspection of Chevron’s giant Gorgon LNG project as soon as possible after reports hundreds of cracks had been found in propane heat exchangers.
Beach Energy said its earnings and oil production will be slightly below previous full-year guidance due to the impact of the coronavirus pandemic and low oil prices.
