Canada’s main stock market climbs, price of gold hits record high

Canada’s main stock market climbs, price of gold hits record high

Canada’s main stock market climbs, price of gold hits record high

TORONTO — The price of gold soared to a record high Monday, boosting Toronto’s main stock index to a triple-digit gain.

“That’s certainly the big story today,” said Michael Currie, vice-president and investment adviser at TD Wealth. “It hit another record today.”

The August gold contract advanced US$33.50 to US$1,931.00 an ounce after reaching a high of US$1,941.90 in intraday trading.

“We’ve got some things we knew are already in place,” said Currie, highlighting economic uncertainty, the ongoing COVID-19 pandemic, and continued low interest rates.

“Those have all been pushing gold up steadily for some time now.”

On Monday, increasing tensions between China and the U.S. gave the price of gold an extra boost, he said.

While the S&P/TSX composite index saw a broad-based rally, the materials sector, which contains gold mining companies, led the gains. The index advanced 164.27 points to 16,161.33 with shares in the materials sector gaining, on average, 3.47 per cent of their worth.

“Typically, when we do see a good day for gold, we’re going to see a good day for the materials sector,” said Currie.

Health care and technology also performed well with shares in the sectors gaining, on average, 3.32 per cent and 1.95 per cent of their worth.

In technology, Shopify Inc. shares gained $58.24, or nearly 4.7 per cent, to $1,305.25.

What are being called the big four companies — Amazon, Apple, Facebook and Google’s parent Alphabet — are all set to report their earnings soon, he said, and investors are continuing to bet that technology companies will perform well.

In New York, the Dow Jones industrial average rose 114.88 points to 26,584.77. The S&P 500 index gained 23.78 points to 3,239.41, while the Nasdaq composite moved up 173.09 points to 10,536.27.

The Canadian dollar traded for 74.75 cents US compared with 74.51 cents on Friday.

Elsewhere in commodities, the September crude contract gained 31 cents at US$41.60 per barrel and the September natural gas contract was down 8.1 cents at nearly US$1.79 per mmBTU. The September copper contract rose about a penny at nearly $2.90 a pound.

This report by The Canadian Press was first published July 27, 2020.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press

Business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Alberta chief medical officer of health Dr. Deena Hinshaw said on Thursday that the province has seen its first case of the B.1.617 variant. (Photography by Chris Schwarz/Government of Alberta)
Red Deer nears record number of active COVID-19 cases

Alberta reports 1,857 new cases of COVID-19, 1,326 new variants

Shaela Dansereau/ Pipestone Flyer
City of Wetaskiwin releases 50-year Community Vision results

The comprehensive community vision has been divided into five core pillars.

People line up outside an immunization clinic to get their Oxford-AstraZeneca COVID-19 vaccine in Edmonton, Tuesday, April 20, 2021. THE CANADIAN PRESS/Jason Franson
Alberta passes bill to give all workers paid leave to get COVID-19 vaccine shot

Labour Minister Jason Copping says Bill 71 will reduce barriers for Alberta workers to get vaccinated

Alberta completed 18,412 COVID-19 tests, as reported on Wednesday, for a test positivity rate of 9.5 per cent. (NIAID-RML via AP)
Highest daily count of 2021 so far: Alberta reports 1,699 COVID-19 cases

Variants now make up 59 per cent of Alberta’s active cases

Screen grab/ https://www.alberta.ca/stats/covid-19-alberta-statistics.htm#geospatial
COVID-19 cases continue to grow in the Wetaskiwin area

The City of Wetaskiwin currently has 141 active cases.

Canadian Prime Minister Justin Trudeau and United States President Joe Biden smile as they say farewell following a virtual joint statement in Ottawa, Tuesday, February 23, 2021. THE CANADIAN PRESS/Adrian Wyld
Trudeau pledges to cut emissions by 40% to 45% by 2030, short of U.S. goal

Trudeau announced target during a virtual climate summit convened by U.S. President Joe Biden

A health care worker prepares to test a Coastal GasLink field worker for COVID-19. (Coastal GasLink photo)
Alberta bill would protect health workers, care homes from some COVID-19 lawsuits

The bill proposes exempting a range of workers, including doctors, pharmacists and care-home operators, from being sued over COVID-19 unless it was for gross negligence

Journal de Montreal is seen in Montreal, on Thursday, April 22, 2021. The daily newspaper uses a file picture of Prime Minister Justin Trudeau dressed in traditional Indian clothing during his trip to India to illustrate a story on the Indian variant of the coronavirus. Paul Chiasson/The Canadian Press
Montreal newspaper blasted for front-page photo of Trudeau in India

Trudeau is wearing traditional Indian clothes and holding his hands together in prayer beside a caption that reads, ‘The Indian variant has arrived’

Education Minister Adriana LaGrange was in Red Deer on Friday to provide an update on the province's COVID-19 response in schools.
Photo by PAUL COWLEY/Advocate staff
Alberta government aiming to boost financial literacy among students

Government providing grants to organizations who will help design financial literacy programming

President Joe Biden holds a virtual bilateral meeting with Canadian Prime Minister Justin Trudeau. (AP Photo/Evan Vucci)
U.S. to help Canada with more COVID-19 vaccine supply, Biden says

The U.S. has already provided Canada with about 1.5 million doses of the AstraZeneca vaccine

In this image from video, former Minneapolis police Officer Derek Chauvin, center, is taken into custody as his attorney, Eric Nelson, left, looks on, after the verdicts were read at Chauvin’s trial for the 2020 death of George Floyd, Tuesday, April 20, 2021, at the Hennepin County Courthouse in Minneapolis, Minn. THE CANADIAN PRESS/Court TV via AP, Pool
George Floyd’s death was ‘wake-up call’ about systemic racism: Trudeau

Derek Chauvin was found guilty Tuesday on all three charges against him

sign
Alberta Biobord Corp. recently hosted a virtual open house from Stettler

The company plans to develop a fuel pellet and medium density fibre board (MDF) plant near the community

Most Read