The World Gold Council said investors had embraced gold in 2020 as a key portfolio hedging strategy, in its mid-year outlook.

"Though equity markets around the world rebounded sharply from their Q1 lows, the high level of uncertainty surrounding the COVID-19 pandemic and the ultra-low interest rate environment supported strong flight-to-quality flows," it said last week.

"There is a growing consensus that a swift V-shaped recovery is morphing into a slower U-shape recovery or, more likely, the possibility that a recovery in H2 is short lived as recurring waves of infections set the global economy back, resulting in W-shaped recovery."

In Toronto, Midas Gold (TSX: MAX) shot up 28.75% to close at a one-year high of C$1.03, on no news.

The company had said earlier this month the "much-anticipated" draft environmental impact statement was expected to be released for public review in August.

Midas Gold Idaho president and CEO Laurel Sayer said at the time almost a decade of work had gone into studying, designing and improving the Stibnite gold project.

Among the majors, Fresnillo finished up 4.55% in London.

Barrick Gold gained 2.23% in Toronto.

Finally, Freeport-McMoRan managed a 0.82% rise in New York on Friday.