North American stocks climb as gold hits record high

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TORONTO – The price of gold climbed to an all-time high on Monday, propelling Toronto’s main stock index to a triple-digit gain.“That’s certainly the big story today,” said Michael Currie, vice president and investment advisor at TD Wealth Management. “He hit another record today. ”

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

“We know some things are already in place,” Currie said, pointing to economic uncertainty, the ongoing COVID-19 pandemic and continued low interest rates.

“These have all been steadily pushing gold for quite some time now. ”

Growing tensions between China and the United States on Monday gave the price of gold a further boost, he said.

While the S & P / TSX Composite Index saw a broad rally, the materials sector, which includes gold mining companies, led the gains. The index rose 164.27 points to 16,161.33, with stocks in the materials sector gaining, on average, 3.47 percent of their value.

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

Healthcare and tech also performed well, with sector shares gaining an average of 3.32% and 1.95% in value.

In the tech area, shares of Shopify Inc. gained $ 58.24, or nearly 4.7%, to $ 1,305.25.

The so-called Big Four – Amazon, Apple, Facebook and the parent company of Google Alphabet – are all set to report profits soon, he said, and investors continue to bet that the tech companies will do 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 rose 173.09 points to 10,536.27.

The Canadian dollar traded at 74.75 cents US compared to 74.51 cents on Friday.

Elsewhere in commodities, the September crude contract gained 31 cents to US $ 41.60 per barrel and the September natural gas contract fell 8.1 cents to nearly US $ 1.79 per barrel. mmBTU. September copper contract rose about a dime to nearly $ 2.90 a pound



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