Gold Price Expected To Hit Another Landmark And Surpass US$1906 An Ounce | ASX Market Update

  • Jul 27, 2020 AEST
  • Team Kalkine

As per ABS’s Household Impacts of COVID-19 Survey conducted in early July, about 1 in 6 Australians think that their lives have returned to normal since COVID-19 began or did not change at all. The survey also showed:17% people felt that their life should return to normal within 3 months compared to 18% who felt it was more than a year before that happens. 23% men felt their lives would return to normal within 3 months as compared to 10% women thinking the same. 1 in 6 Victorians was not sure about the time it will take for life to return to normal compared to 1 in 13 for the rest of Australia.

Metcash Limited (ASX:MTS) has entered into a binding agreement to acquire 70% of Total Tools Holdings Pty Limited for approximately A$57 million. The terms of the transaction are consistent as disclosed on 22 June 2020 by Metcash, including the acquisition being subject to approval by the ACCC. With this acquisition, Metcash shall acquire the Total Tools franchisor operations as well as one company-owned store. Moreover, Metcash shall provide Total Tools with a A$35 million debt facility for backing its development plans and the future acquisition of an ownership interest in a few stores.

Analysts have been predicting massive upside for gold for several months and are hoping that gold price shall punch through ~US$2000 by the end of 2020. Analysts are confident with gold futures smashing through its highest finish since 2011, amid the ongoing uncertainty triggered by the COVID-19 pandemic. Moreover, the price for silver remains near resistance at US$23-US$23.25.

#GoldStocks #Stockstowatch #ASX #Kalkine

 


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