AAP

Gold prices have hit two-week highs and are poised for their biggest weekly jump since mid-January, after the US Federal Reserve's cautious note on interest rates arrested a US dollar rally and sparked broad-based buying of commodities.

The Australian share market has closed higher, edging towards the 6000 point level, not seen since early 2008.

Australia is likely to avoid a recession as the mining boom fades, the Reserve Bank of Australia boss says.

The Australian share market has edged slightly lower as fresh falls in oil prices dragged on the energy and materials sectors.

Oil and gas producer Woodside Petroleum has successfully restarted production at its Pluto liquefied natural gas (LNG) plant in north Western Australia.

The crude oil market has given back much of its Federal Reserve-sparked rally, with prices sinking back on the reality of continued high supplies and a strong dollar.

The Australian dollar is one US cent weaker as traders pile back into the greenback.

Gold has pared gains from a two-week high, clinging to short-covering gains despite the US dollar's recovery after a more-cautious-than-expected interest rate statement from the US Federal Reserve.

The Dow and S&P 500 have given back some of their gains from the prior session, while the Nasdaq edged up closer to 5,000.

Electronics retailer Dick Smith is cutting about 80 jobs as part of a restructure that aims to rein-in costs and improve its supply chain.

The share market has enjoyed its best day since Christmas as it rode a growing wave of expectation of a Reserve Bank rate cut.

With one foot in a Doc Martens boot and the other in a Vans sneaker, the owner of The Athlete's Foot is stepping into new territory.

Western Australian iron ore producer Karara Mining has cut 15 per cent of its workforce at its mine and port operations and head office in Perth following the continued fall of commodity prices.

Western Australian teachers have accepted the state government's pay rise offer, with the education minister labelling the deal a win for common sense and financial responsibility.

The share market has opened higher on growing expectations of a Reserve Bank interest rate cut.

New Myer chief executive Richard Umbers says the department store group has lost relevance with customers, suffering a 23 per cent slide in its first-half profit and downgraded its full-year guidance.

Wall Street stocks have surged after the Federal Reserve trimmed its US economic forecast and signalled a cautious approach to raising interest rates.

The Australian dollar has surged by two-and-a-half US cents after the US Federal Reserve surprised financial markets with weaker American growth forecasts, before falling back.

World oil prices have jumped as a cautious Federal Reserve statement offset data showing a big increase in US crude inventories.

Gold prices have surged more than two per cent, on track for the biggest rally since January after the Federal Reserve signalled a more cautious outlook for US economic growth, and the US dollar tumbled.

The Australian stock market has finished flat as wary investors wait for a key interest rate announcement by the US Federal Reserve.

Orica boss Ian Smith will leave the explosives maker two years before his contract ends amid allegations of an overly aggressive management style.

Business groups have broadly welcomed the federal government’s approach to improving the 457 visa scheme, but believe more changes need to be made to uphold the integrity and lawful use of temporary skilled migration in Australia.

The Australian share market has dipped with losses in the materials sector because of falling oil and commodities prices.

Iron ore miner Fortescue Metals Group has abandoned plans to refinance $US2.5 billion ($A3.28 billion) worth of debt after failing to attract suitable interest from investors.

The Australian dollar is weaker as the US Federal Reserve begins its two-day meeting on monetary policy.

US stocks have finished mostly lower ahead of a closely watched Federal Reserve policy announcement, while the Nasdaq rose on news of a potential new Apple television venture.

Oil prices have fallen as traders expected a key US stockpiles report to show another increase to a new record high.

Gold has fallen to a four-month low in volatile dealings, on investor jitters ahead of a Federal Reserve policy meeting that may offer further clues to support expectations of a mid-2015 rise in US interest rates.

Woodside Petroleum plans to resume production at its Pluto LNG operations after a nearby drifting drill rig was secured.

More evidence another interest rate cut is just around the corner has helped drive the Australian share market higher.

The corporate watchdog is threatening to come down hard on payday lenders as a report shows the industry remains rife with questionable lending practices.