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Gold fell to its lowest in nearly six years, extending losses as Federal Reserve Chair Janet Yellen said she was "looking forward" to an interest rate hike that will mark the US economy's recovery from recession.
The Australian dollar is flat after heightened speculation about a US interest rate hike caused the currency to lose all the gains made on the back of local economic growth data.
Oil prices have moved sideways as traders awaited the weekly US petroleum report and an OPEC meeting seen as unlikely to reduce output despite persistently weak prices.
Gold has risen for a second day, rebounding from last week's five-and-a-half-year low, as a retreat in the US dollar prompted investors to cover short positions ahead of a European Central Bank (ECB) meeting and US payrolls data this week.
The Australian share market has made strong gains as investors took heart from economic data out of China and prices for gold, oil and copper lifted in Asia.
The US dollar pared gains after hitting an eight month high against major currencies, while the prospect of further European Central Bank stimulus dragged the euro, and oil futures fell on worries about a growing supply glut.
Gold has lifted 1 per cent but remains close to its lowest level in almost six years, and is on track for its steepest monthly slide in two-and-a-half years on prospects of a US interest rate rise in 2015, as the US dollar hit a multi-month high.
Local Government Minister Tony Simpson says he's aware Perth Lord Mayor Lisa Scaffidi is threatening to resign in the face of another inquiry into her conduct.
Supermarket wholesaler Metcash has suffered a 12.7 per cent decline in underlying earnings as the food and grocery price war eats into its bottom line.