The gold price is expected to keep soaring as the factors driving it higher won’t likely change any time soon, with one analyst tipping it could hit $US3000 an ounce.

Sellers have pushed the sharemarket lower on Friday after the RBA predicted that the economy will take longer to recover from the COVID-19 pandemic compared to earlier forecasts.

The Reserve Bank of Australia has warned further outbreaks of coronavirus will threaten the country’s economic recovery, potentially pushing high levels of unemployment into 2021.

The Kmart Group has vowed to continue paying its staff across the discount department chain’s network in Victoria despite the stage 4 lockdown forcing all metropolitan stores to close.

Aussie hardware giant Bunnings has committed to paying all its permanent employees affected by Victoria’s Stage Four lockdowns their full wages.