Shares of Evraz PLC (LON: EVR) jumped 7% today as prices of precious metals have continued its impressive bullish run. Gold spot prices printed $2,044/oz, exceeding yesterday’s high of $2,020/oz.
“The mid-to-long-term prospect of gold and other precious metals remains bullish against the backdrop of low interest rate environment and fiscal and monetary stimulus,” market strategist Margaret Yang told BBC.
Last week, the FTSE 100 miner and steel manufacturer reported that its crude steel output dipped 5.1% on a quarterly basis while steel products sales increased 4.9%.
Evraz said: “In Q3 2020, significant uncertainty remains around production and sales volumes for all product groups due to continued turmoil in the oil & gas markets and the slow economic recovery during the resurgent Covid-19 pandemic.”
Evraz share price soared 7% to trade above 315p. The buyers are now fighting to print levels above 320p and therefore mark the new 5-month high for the stock.