Gold prices surged to their highest mark since October 2012 on Tuesday, driven by weakness in the US dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dented the economic outlook.
The Australian share market has closed marginally higher after dropping and then rebounding over uncertainty about the status of the US-China trade deal.
The Australian Securities and Investments Commission is suing the Commonwealth Bank and subsidiary Colonial First State Investments over a banking royal commission finding that the latter paid bank staff to promote a superannuation product to customers.
Woolworths expects full year earnings could be 2.7 per cent lower after it outlined one-off charges worth $591 million for restructuring and staff underpayments and incurs additional costs related to COVID-19.
Oil was up 2 per cent overnight on tighter crude supplies from major producers and as coronavirus lockdowns kept easing despite a record rise in cases globally.
Gold prices climbed 1 per cent overnight to hit the highest level in more than a month, as investors took refuge in the safe-haven metal after an uptick in coronavirus cases dampened hopes for a quick economic recovery.
Wholesale distributor Metcash is benefitting from a continuing growth in sales as customers rediscovered neighbourhood supermarkets during the coronavirus pandemic.
The ASX has dropped by more than one per cent at the start of trade as increasing coronavirus cases in the US and Victoria prompt traders to be cautious.
Oil prices finished last week higher but pulled back sharply from early highs on concerns that continued spread of the novel coronavirus could stall the United States' economic rebound.
Gold gained on Friday as a rise in coronavirus cases raised concerns of a second wave of the pandemic that could compel governments to implement new lockdowns.
The Australian share market has finished flat, fading in the afternoon after being up as much as 1.2 per cent after government data showed retail sales rebounded in May.
Retail trade rebounded a record 16.3 per cent in May, following a 17.7 per cent plunge in April, amid a gradual easing of coronavirus-related restrictions during the month.
Prime Minister Scott Morrison says Australian private and public sector organisations are being targeted in a sophisticated cyber attack by a foreign entity.
The Morrison government wants to steer young Australians into degrees that lead to jobs and will more than double the cost of humanities studies to do so.
Mining giant Rio Tinto has announced a board-led review of its "heritage management processes" following criticism of its destruction of ancient rock shelters in the Pilbara.
Oil prices rose slightly overnight as a panel of OPEC and allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.
Gold eased overnight after data showed fewer jobless claims in the United States and reports Beijing was bringing its latest coronavirus outbreak under control, but mounting infections globally limited losses for the safe-haven metal.
Australian shares have fallen, with every sector but one in retreat, after new data showed the country's unemployment rate jumped to 7.1 per cent in May.
Oil prices settled lower overnight on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as US crude stocks grew again, taking commercial inventories to another all-time high.
