Spot gold prices fell 0.3% to settle at $1,798 per ounce on Friday, as concerns about surging coronavirus infections and their impact on the global economic recovery were offset by positive data from Gilead's antiviral drug to treat COVID-19. For the week, the metal climbed 1.4%, the fifth straight weekly gain, after rallying to its highest since September 2011 at $1,818 on Wednesday.

The dollar index fell to 96.6 against a basket of currencies on Friday, posting a 0.6% fall on a weekly basis, its largest percentage loss in a month. Hopes of a potential coronavirus vaccine offset concerns about the surge in infections in the US and around the world. Gilead Sciences Inc said that its antiviral remdesivir reduced the risk of death by 62% and improved the conditions of severely ill COVID-19 patients.

WTI crude futures settled 2.4% higher at $40.6 a barrel on Friday, little-changed on the week, after reports that Gilead Sciences’ antiviral remdesivir reduced mortality risk in COVID-19 patients by 62%. Prices also found support after the International Energy Agency (IEA) raised its 2020 oil demand forecast, following the easing of coronavirus lockdown measures in several countries across the world, while Baker Hughes' data showed US energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row. On the supply side, data from both the EIA and API showed a surprise build in US crude inventories last week.

Brazil’s Ibovespa climbed 872 points or 0.9% to 100,032 and reached a high since early March, as a potential coronavirus treatment outweighed mounting COVID-19 cases and hospitalizations in the country and around the world. On the corporate side, state-owned oil company Petrobras gained after the company said that Abu Dhabi's investment fund, Mubadala Investment Co, will enter exclusive talks to purchase Brazil's second-largest refinery. On the economic data front, inflation rate rose 0.26% from a month earlier in June, picking up from May's 0.38% drop. During the week, the Ibovespa gained 3.4%.

The S&P/TSX Composite Index extended gains in afternoon trading on Friday, adding 145 points or 0.9% to close at 15,714, its highest level since June 9th. Energy shares were boosted by a jump in oil prices amid reports that Gilead’s remdesivir treatment reduced mortality risk in COVID-19 patients by 62%. Also, upbeat domestic jobs data overshadowed concerns over surging global coronavirus cases. Canada's employment report showed that the economy added a record 952,900 jobs in June, more than had forecast, while the unemployment rate fell from May's record high, as several people returned to the labor market amid the easing of coronavirus-induced lockdowns restrictions. For the week, the S&P/TSX Composite Index climbed 0.8%.

Wall Street closed deeply in the green on Friday and the Nasdaq booked a new high led by Amazon and Netflix, as a potential COVID-19 treatment raised hopes for an economic recovery following mounting cases and hospitalizations in multiple US states and several countries. Gilead said that its antiviral remdesivir improved clinical recovery in COVID-19 patients, and reduced the risk of death by 62%, while BioNTech announced its vaccine treatment could be ready for approval by December. Meanwhile, President Trump said that he was not thinking about the second phase of a US-China trade deal, and that the relationship between the two countries had been "severely damaged" by Beijing's handling of the coronavirus pandemic. The Dow Jones surged 369 points or 1.4% to 26,075. The S&P 500 climbed 33 points or 1.1% to a month-high of 3185. The Nasdaq added 70 points or 0.7% to 10,617. During the week, the Dow Jones gained 0.9%, the S&P climbed 1.7%, and the Nasdaq soared 4%.

The Canadian economy added 953 thousand jobs in June of 2020, after creating 290 thousand positions in May and beating market expectations of 700 thousand. This was the biggest increase in employment since available records began in February of 1976, as Covid-19 restrictions continued to ease across the country which allowed more companies to return and rehire. Full-time work rose by 488 thousand and part-time positions increased by 464 thousand. There were more people working in the services sector (+794 thousand), mostly in wholesale & retail trade (+222 thousand), accommodation & food services (+164 thousand) and health care and social assistance (+121 thousand). Employment also went up in the goods-producing sector (+159 thousand), namely in construction (+83 thousand) and manufacturing (+81 thousand). In June, all provinces recorded an increase in employment, particularly in Ontario (+378 thousand), where the lifting of Covid-19 restrictions began in late May.

Producer prices for final demand in the US fell 0.2 percent month-over-month in June of 2020, following a 0.4 percent increase in May and compared to market forecasts of a 0.4 percent rise. Prices of services were down 0.3 percent, the largest decrease since February, due to a 1.8 percent plunge in margins for final demand trade services, namely machinery and vehicle wholesaling. Cost of goods went up 0.2 percent, led by a 7.7 percent jump in energy, namely gasoline. Year-on-year, producer prices declined 0.8 percent, the same as in May and compared to forecasts of a smaller 0.2 percent decrease. The core index which excludes food and energy fell 0.3 percent month-over-month, following a 0.1 percent drop in the previous month and missing market expectations of a 0.1 percent increase. The annual rate slowed to 0.1 percent from 0.3 percent in May.

European stock markets closed in the green on Friday, with the DAX 30 climbing 1.2% to 12,634, as investors cheered new data from Gilead Sciences Inc, which showed its drug remdesivir improved clinical recovery and reduced the risk of death in patients infected with COVID-19. Meanwhile, traders braced for the next EU summit on July 17-18 at which policymakers will be discussing a common Recovery Fund plan. The European Council President presented a 2021-27 EU budget of €1.074 trillion, below €1.094 trillion proposed by the the European Commission, and a recovery fund of €750 billion, with two-thirds in grants and a third in loans, in an attempt to get support from the northern countries. Still, concerns about the second wave of infections and its impact on the global economic recovery mounted. For the week, the DAX 30 gained 0.8%.