Gold has turned higher but hovers beneath the previous session's seven-and-a-half-month high of $US1,200 an ounce, buoyed by risk aversion as equities remain volatile and the dollar extends losses.
Global oil supply fell by 0.2 million barrels per day in January, while falling demand growth and resilience of high cost suppliers could lead to continued downward pressure on prices, according to the International Energy Agency.
There is little immediate prospect of the state government expanding its current $5 billion asset sales program, despite Premier Colin Barnett seeming to flirt with the possibility this week.
The state government’s asset sales program has taken a step forward today, with Gresham Advisory Partners appointed as lead adviser for the partial sale of Keystart’s loan book.
The price of gold has jumped two per cent to a seven-and-a-half-month high, briefly nudging above the psychological level of $US1,200 an ounce, as sliding stock markets and worries over global economic growth prompt investors to seek safety.
Ratings agency Moody's has downgraded Western Australia's credit rating to Aa2, reflecting an ongoing deterioration in the state's finances and concern that the government will be unable to meet its own spending targets.
Young Western Australians are spending up to half the year looking for a job, with many blaming a slowdown in the economy and limited training opportunities.
Gold has risen to a three-month high in volatile trade, as a mixed US jobs report prompted investors to reassess the outlook for US interest rates in 2016, putting bullion on track for its strongest weekly performance in more than a year.
A jump in materials shares have helped US stocks eke out a second straight day of gains, though disappointing forecasts from retailers and anxiety ahead of Friday's jobs report limited the advance.
Gold has risen for a second day, hitting three-month highs as the US dollar continued to ease amid mounting doubts that the US Federal Reserve will raise interest rates in 2016 due to global economic and financial headwinds.
Gold has hit three-month highs as a slower US services sector and sinking US dollar prompts investors to seek shelter in assets perceived as safer as future Fed rate hikes appeared less likely.
The number of new homes approved for construction in Western Australia fell for a 15th consecutive month in December, with the industry flagging a downturn in national activity.
The Australian dollar has drifted lower following the Reserve Bank's widely anticipated decision to leave interest rates unchanged for the tenth straight month.
Gold has steadied after touching three-month highs, underpinned by global growth concerns and as another sharp drop in the oil price pushed investors toward safe-haven assets.
The state government has again changed its mind on a key election promise, with Transport Minister Dean Nalder saying he is now in favour of an underground heavy rail system for Perth's north-western suburbs.
