Bets are being taken on which way gold prices will go with safe haven investors clashing with those who believe the worst of the COVID-19 pandemic is over and markets are now in recovery mode.

Over the past three months, gold prices have ranged between $US1,700 and $US1,790 an ounce for the most part.

>>Scroll down for the top small cap movers over the past week>>>

“It’s a huge band, but it’s also telling of the dynamics in the market,” investing.com commodities analyst Barani Krishnan said.

“The variables range from the second wave of the pandemic and the dollar debasement that could come from the trillions the US has already thrown at the problem, to a V-shaped recovery and gigantic revaluations in asset pricing that could follow.

“There is absolutely no certainty where the swinging pendulum will ultimately rest, and that’s what makes gold such an interesting watch.”

In the US, the infection rate in Texas has doubled from 4.5 per cent to 9 per cent since late May, while concerns have been raised that the UK’s move to ease travel restrictions and reopen pubs and restaurants will lead to another wave of infections.

Gold bulls will also be buoyed by the US considering new tariffs on exports from the UK, Spain, France and Germany, adding to ongoing tensions between China and the US.

Meanwhile, market pundits point to progress in the development of potential vaccine candidates with volunteers testing a new vaccine in the UK.

UK researchers have identified an old anti-inflammatory drug that improves the chances of survival for those who need oxygen or ventilators to survive, while Australian researchers have found a potential blocker that prevents COVID-19 from replicating.

China’s rapid recovery to date and the slower rate of infections in Europe have also been singled out as reasons for a broader market recovery.

USD (yellow) and AUD (orange) gold price performance.

Winners & Losers

Here’s how ASX gold stocks performed for the period June 19 – June 26 [intraday]:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:

CODE COMPANY NAME 1 WEEK RETURN 1 YEAR RETURN PRICE [INTRADAY FRI] MARKET CAP
MCT Metalicity 133 366 2.8 $40,500,000.00
RXL ROX RESOURCES LTD 77 453 77 $ 169,073,584.00
RGL RIVERSGOLD LTD 74 402 74 $ 20,955,988.00
AUC AUSGOLD LTD 58 100 58 $ 32,079,786.00
GMR GOLDEN RIM RESOURCES LTD 57 -8 57 $ 15,475,676.00
ARV ARTEMIS RESOURCES LTD 55 86 55 $ 72,367,360.00
HRN HORIZON GOLD LIMITED 42 118 42 $ 28,316,328.00
DEG DE GREY MINING LTD 42 1027 42 $ 978,868,416.00
GSM GOLDEN STATE MINING LTD 38 678 38 $ 22,888,100.00
BBX BBX MINERALS LTD 38 -28 38 $ 73,034,800.00
VMC VENUS METALS CORP LTD 36 114 36 $ 47,589,784.00
ALK ALKANE RESOURCES LTD 35 183 35 $ 684,439,296.00
CDV CARDINAL RESOURCES LTD 33 88 33 $ 312,515,328.00
MDI MIDDLE ISLAND RESOURCES LTD 29 260 29 $ 32,097,140.00
AYR ALLOY RESOURCES LTD 27 -5 27 $ 6,036,623.00
SIH SIHAYO GOLD LTD 25 114 25 $ 62,933,100.00
DGO DGO GOLD LTD 25 365 25 $ 129,144,280.00
TIE TIETTO MINERALS LTD 24 223 24 $ 171,187,904.00
STN SATURN METALS LTD 22 94 22 $ 50,500,608.00
RML RESOLUTION MINERALS LTD 22 134 22 $ 19,198,332.00
NES NELSON RESOURCES LTD 19 31 19 $ 3,274,949.25
CAI CALIDUS RESOURCES LTD 19 70 19 $ 113,023,992.00
HMX HAMMER METALS LTD 18 80 18 $ 29,187,912.00
WWI WEST WITS MINING LTD 18 86 18 $ 12,277,515.00
AOP APOLLO CONSOLIDATED LTD 18 53 18 $ 79,383,200.00
BC8 BLACK CAT SYNDICATE LTD 17 178 17 $ 67,219,424.00
OKU OKLO RESOURCES LTD 17 94 17 $ 148,778,640.00
TTM TITAN MINERALS LTD 17 -59 17 $ 74,457,448.00
EMR EMERALD RESOURCES NL 16 34 16 $ 275,256,544.00
MOH MOHO RESOURCES NL 16 62 16 $ 5,213,221.50
GBZ GBM RESOURCES LTD 16 59 16 $ 15,190,074.00
GED GOLDEN DEEPS LTD 14 -76 14 $ 2,806,085.75
BRV BIG RIVER GOLD LTD 14 60 14 $ 40,857,512.00
SAR SARACEN MINERAL HOLDINGS LTD 14 38 14 $ 5,934,094,336.00
RMS RAMELIUS RESOURCES LTD 14 168 14 $ 1,732,802,048.00
MTH MITHRIL RESOURCES LTD 13 240 13 $ 31,627,984.00
BGL BELLEVUE GOLD LTD 13 49 13 $ 807,771,072.00
SLZ SULTAN RESOURCES LTD 13 155 13 $ 9,380,048.00
TBR TRIBUNE RESOURCES LTD 12 29 12 $ 372,523,360.00
LNY LANEWAY RESOURCES LTD 11 -50 11 $ 18,600,330.00
ARM AURORA MINERALS LTD 11 82 11 $ 5,153,864.50
NAG NAGAMBIE RESOURCES LTD 11 38 11 $ 25,496,550.00
MML MEDUSA MINING LTD 10 13 10 $ 152,728,816.00
TSC TWENTY SEVEN CO LTD 10 175 10 $ 7,431,604.50
HRZ HORIZON MINERALS LTD 10 10 10 $ 52,092,148.00
WAF WEST AFRICAN RESOURCES LTD 10 188 10 $ 839,839,360.00
CMM CAPRICORN METALS LTD 10 304 10 $ 560,464,512.00
GOR GOLD ROAD RESOURCES LTD 9 59 9 $ 1,473,520,512.00
AWV ANOVA METALS LTD 9 173 9 $ 34,917,160.00
PGI PANTERRA GOLD LTD 9 213 9 $ 10,342,507.00
CHN CHALICE GOLD MINES LTD 9 652 9 $ 298,984,128.00
RSG RESOLUTE MINING LTD 8 -12 8 $ 1,295,821,696.00
MKG MAKO GOLD LTD 8 -1 8 $ 9,493,447.00
PRU PERSEUS MINING LTD 8 103 8 $ 1,495,111,040.00
GBR GREAT BOULDER RESOURCES LTD 8 -44 8 $ 4,003,619.75
PDI PREDICTIVE DISCOVERY LTD 8 461 8 $ 71,678,104.00
E2M E2 METALS LTD 8 -28 8 $ 15,372,421.00
GML GATEWAY MINING LTD 8 40 8 $ 21,433,856.00
OAU ORA GOLD LTD 7 88 7 $ 10,763,392.00
PRX PRODIGY GOLD NL 7 -51 7 $ 29,612,008.00
SLR SILVER LAKE RESOURCES LTD 7 60 7 $ 1,821,277,312.00
SBM ST BARBARA LTD 7 7 7 $ 2,327,243,264.00
NWM NORWEST MINERALS LTD 7 -7 7 $ 12,576,027.00
WGX WESTGOLD RESOURCES LTD 7 9 7 $ 916,102,016.00
SVL SILVER MINES LTD 6 85 6 $ 111,027,184.00
BDC BARDOC GOLD LTD 6 58 6 $ 115,844,352.00
GMN GOLD MOUNTAIN LTD 6 -24 6 $ 34,727,608.00
WMX WILUNA MINING CORP LTD 6 2 6 $ 148,419,872.00
TAR TARUGA MINERALS LTD 6 -24 6 $ 6,248,557.50
BRB BREAKER RESOURCES NL 6 -11 6 $ 71,709,224.00
KRM KINGSROSE MINING LTD 5 0 5 $ 31,390,316.00
NXM NEXUS MINERALS LTD 4 -2 4 $ 5,675,547.00
NST NORTHERN STAR RESOURCES LTD 4 18 4 $ 10,434,688,000.00
KWR KINGWEST RESOURCES LTD 4 4 4 $ 15,847,699.00
AAR ANGLO AUSTRALIAN RESOURCES 4 133 4 $ 67,321,496.00
TLM TALISMAN MINING LTD 4 88 4 $ 27,061,116.00
HAW HAWTHORN RESOURCES LTD 4 179 4 $ 48,359,764.00
MAT MATSA RESOURCES LTD 3 -3 3 $ 35,195,444.00
AGS ALLIANCE RESOURCES LTD 3 68 3 $ 26,745,012.00
RND RAND MINING LTD 3 -37 3 $ 120,296,952.00
CWX CARAWINE RESOURCES LTD 3 59 3 $ 13,135,708.00
NCM NEWCREST MINING LTD 3 -4 3 $ 25,755,228,160.00
BCN BEACON MINERALS LTD 3 27 3 $ 111,640,592.00
MAU MAGNETIC RESOURCES NL 3 214 3 $ 248,894,704.00
GSN GREAT SOUTHERN MINING LTD 2 209 2 $ 39,585,288.00
ADN ANDROMEDA METALS LTD 2 231 2 $ 83,601,656.00
CYL CATALYST METALS LTD 1 34 1 $ 234,838,992.00
CY5 CYGNUS GOLD LTD 1 129 1 $ 4,845,827.00
KCN KINGSGATE CONSOLIDATED LTD 1 54 1 $ 90,490,376.00
RRL REGIS RESOURCES LTD 1 4 1 $ 2,728,929,024.00
EVN EVOLUTION MINING LTD 0 26 0 $ 9,561,762,816.00
SFM SANTA FE MINERALS LTD 0 -39 0 $ 4,369,127.50
A1G AFRICAN GOLD LTD 0 -39 0 $ 6,391,000.00
DTR DATELINE RESOURCES LTD 0 -33 0 $ 12,315,117.00
TRY TROY RESOURCES LTD 0 -8 0 $ 49,933,036.00
SMI SANTANA MINERALS LTD 0 -33 0 $ 5,367,891.00
GNM GREAT NORTHERN MINERALS LTD 0 50 0 $ 11,553,394.00
AMG AUSMEX MINING GROUP LTD 0 -70 0 $ 18,069,754.00
TNR TORIAN RESOURCES LTD 0 170 0 $ 12,028,131.00
MSR MANAS RESOUCES LTD 0 50 0 $ 13,215,812.00
SPX SPECTRUM METALS LTD 0 660 0
CGN CRATER GOLD MINING LTD 0 -29 0 $ 12,274,959.00
ANL AMANI GOLD LTD 0 -67 0 $ 6,834,496.50
AVW AVIRA RESOURCES LTD 0 0 0 $ 3,375,000.00
TAM TANAMI GOLD NL 0 18 0 $ 69,330,728.00
MLL MALI LITHIUM LTD -1 -29 -1 $ 31,734,812.00
ARS ALT RESOURCES LTD -1 153 -1 $ 27,972,644.00
DCN DACIAN GOLD LTD -1 27 -1 $ 255,881,792.00
DGR DGR GLOBAL LTD -2 -45 -2 $ 43,689,224.00
BNR BULLETIN RESOURCES LTD -3 400 -3 $ 12,371,222.00
GWR GWR GROUP LTD -3 -54 -3 $ 15,536,469.00
FML FOCUS MINERALS LTD -4 -4 -4 $ 42,945,912.00
ERM EMMERSON RESOURCES LTD -4 12 -4 $ 50,982,464.00
NUS NUSANTARA RESOURCES LTD -5 55 -5 $ 67,846,176.00
LEX LEFROY EXPLORATION LTD -5 -14 -5 $ 20,599,782.00
MEU MARMOTA LTD -5 211 -5 $ 48,187,356.00
BYH BRYAH RESOURCES LTD -6 -24 -6 $ 6,070,240.00
KTA KRAKATOA RESOURCES LTD -6 23 -6 $ 7,218,750.00
OKR OKAPI RESOURCES LTD -6 -9 -6 $ 5,406,430.00
AQI ALICANTO MINERALS LTD -7 33 -7 $ 14,441,208.00
DAU DAMPIER GOLD LTD -7 0 -7 $ 8,039,580.00
ARL ARDEA RESOURCES LTD -7 -9 -7 $ 31,084,616.00
AME ALTO METALS LTD -7 123 -7 $ 21,122,912.00
NVA NOVA MINERALS LTD -10 160 -10 $ 58,006,848.00
GUL GULLEWA LTD -10 258 -10 $ 13,790,022.00
PUA PURE ALUMINA LTD -11 -46 -11 $ 4,743,464.00
CDT CASTLE MINERALS LTD -11 60 -11 $ 2,182,527.75
SAU SOUTHERN GOLD LTD -11 -4 -11 $ 16,682,738.00
BAR BARRA RESOURCES LTD -13 -39 -13 $ 10,140,768.00
CXU CAULDRON ENERGY LTD -13 50 -13 $ 7,902,086.50
VKA VIKING MINES LTD -14 -33 -14 $ 1,882,307.13
KGM KALNORTH GOLD MINES LTD -14 100 -14 $ 5,365,440.50
ALY ALCHEMY RESOURCES LTD -14 56 -14 $ 11,010,487.00
VAN VANGO MINING LTD -17 -44 -17 $ 87,296,424.00
DTM DART MINING NL -18 -10 -18 $ 7,057,502.00
CTO CITIGOLD CORP LTD -20 -20 -20 $ 10,404,693.00
ONX ORMINEX LTD -25 -82 -25 $ 17,790,372.00
AAJ ARUMA RESOURCES LTD -25 0 -25 $ 2,464,241.75
DHR DARK HORSE RESOURCES LTD -25 -63 -25 $ 5,888,126.00
MLS METALS AUSTRALIA LTD -25 0 -25 $ 6,414,705.50
TMX TERRAIN MINERALS LTD -38 150 -38 $ 4,338,966.00
RED RED 5 LTD -38 3 -38 $ 430,945,984.00

 

TOP PERFORMERS

Metalicity (ASX:MCT) has been a shining star this week after reporting that initial holes in its 2020 drilling campaign highlighted the potential of its Kookynie project to be a prolific, open pittable gold mine.

Drilling at the Leipold prospect returned results of up to 4m at 16.3 grams per tonne (g/t) gold from 42m, including 3m at 20.7g/t gold from a depth of 42m.

It continues the company’s streak of successful drilling programs, with the assays from the remaining 33 holes over the Leipold and McTavish prospects likely to be closely watched.

Gold hits were also responsible for Rox Resources’ (ASX:RXL) strong performance this week.

Shallow infill drilling at its Grace prospect returned some very high-grade hits including 4m at 88.81g/t gold from 27m and 11m at 18.75g/t gold from 8m.

The latest results will be complemented by upcoming diamond drilling to define a maiden resource estimate.

Alkane Resources’ (ASX:ALK) infill drilling at its Tomingley gold project in New South Wales has also proved to be remarkably successful, returning thick high-grade intercepts.

Notable results from the Roswell and San Antonio deposits include 69m grading 9.12g/t gold from 218m and 7m at 7.67g/t gold from 186m respectively.

At Stockhead, we tell it like it is. While Metalicity and Rox Resources are Stockhead advertisers, they did not sponsor this article.