Gold prices prices hovered above a four-month low on Friday and were on track for their biggest weekly fall since May after progress on US tax reform fuelled optimism about the US economy and boosted the dollar.
Gold has fallen one per cent, hitting a four-month bottom below its recent trading range, as Wall Street stocks rose and the US dollar strengthened on optimism about passage of a US tax overhaul.
Oil prices have climbed more than 1 per cent on Thursday due to a threatened strike in Nigeria and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in US stocks of refined fuels.
The state parliament has passed legislation today that seeks to guarantee Western Australian businesses a larger share of government contracts, after the auditor general found major flaws in the existing Buy Local policy in a report tabled earlier this week.
A big increase in manufacturing capacity could result from the production of tight and shale gas in Western Australia similar to that which occurred in the US state of Pennsylvania, according to Dennis Davin, secretary of that state’s department of economic development.
US crude has tumbled nearly three per cent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in US inventories of refined fuel suggested demand may be flagging, while US crude production hit another weekly record.
The Australian dollar has slipped against its US counterpart which has continued strengthening amid optimism for US tax reform, lawmakers' efforts to avert a government shutdown.
A further reshuffling of state government departments appears likely after Treasurer Ben Wyatt released the government's service priority review today.
The auditor general has found major flaws in the state government’s Buy Local policy, with concerns regarding data collection leaving agencies unsure if the policy is benefitting local businesses.
The Australian economy expanded at a slower-than-expected rate in the three months to September, however WA’s domestic economy appears to be on the mend, growing 0.9 per cent for the quarter.
Gold has dropped one per cent to a two-month low as the US dollar rises against a basket of currencies and US stocks rebounded as investors assessed details of the US tax overhaul legislation.
The Reserve Bank has left the cash rate unchanged at 1.5 per cent, with the central bank remaining concerned about sluggish spending and wages growth despite an improving jobs market.
Oil has fallen more than one per cent on on profit-taking as the market eyed signs of rising US production, though prices remained close to recent two-year highs thanks to last week's decision by OPEC and other producers to extend output cuts.
Gold prices have fallen toward the four-week lows hit last week as the US dollar has strengthened after the US Senate approved a major tax overhaul and the market looked ahead to a meeting of the Federal Reserve later this month.
The Australian dollar is back above 76 US cents after news that former Trump security adviser Michael Flynn had pleaded guilty and was prepared to testify against the US president regarding Russian involvement in the presidential election dented market sentiment.
Gold has jumped as the dollar and US stocks fell on an ABC news report that former national security adviser Michael Flynn was prepared to tell investigators that Donald Trump directed him to make contact with Russians during last year's presidential election campaign.
The opposition parties in Perth and Canberra are kicking the can down the road on debt, despite the parlous state of their respective budgetary positions.
Lord Mayor Lisa Scaffidi has won her court appeal against 26 adverse State Administrative Tribunal findings that she breached her gift disclosure obligations and remains hopeful of returning to the post once the matter is resolved.
Gold has dropped one per cent as upbeat sentiment on equities and positive US growth data dented the appeal of the safe-haven asset, though the metal was still stuck in its narrowest monthly range in 12 years.
The Chamber of Commerce and Industry WA has criticised the state government’s crackdown on payroll tax exemption for employees earning more than $100,000 announced today.
The Australian dollar is lower still against a weaker US counterpart which lost gains made after Federal Reserve chair Janet Yellen spoke of continued US economic expansion and GDP was revised higher.
