Gold gets a lift as hedge with Canada’s deficit surpassing $340 billion

Gold gets a lift as hedge with Canada’s deficit surpassing $340 billion
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TORONTO — Canada’s main stock index moved higher along with gold prices as the country’s deficit passed $340 billion.

The S&P/TSX composite index closed up 33.69 points at 15,629.19.

In New York, the Dow Jones industrial average was up 177.10 points at 26,067.28. The S&P 500 index was up 24.62 points at 3,169.94, while the Nasdaq composite was up 148.61 points at 10,492.50.

The Canadian dollar traded for 73.87 cents US compared with 73.62 cents US on Tuesday.

The August crude contract was up 28 cents at US$40.90 per barrel and the August natural gas contract was down 5.2 cents at US$1.82 per mmBTU.

The August gold contract was up US$10.70 at US$1,820.60 an ounce and the September copper contract was 2.7 cents at US$2.82 a pound.

This report by The Canadian Press was first published July 8, 2020.

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

The Canadian Press

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