Oil prices edged lower on Friday as concerns about China's economy outweighed bullish signals from its refining sector but losses were limited on hopes for progress toward a US-China trade agreement.
Gold steadied on Friday, helped by a weaker US dollar, with the possibility of a no-deal Brexit, uncertainties over US-China trade and fears of a global slowdown keeping bullion on track for a small weekly gain.
Former deputy prime minister Julie Bishop has urged Australia to act as a voice of moderation on international trade, criticising the US for exacerbating threats to the rules-based world order.
Oil prices rose about 1.0 per cent overnight after draws in US fuel inventories but gains were capped by a larger-than-expected rise in crude stockpiles and a series of weak economic figures.
Gold rose overnight as weak data from the United States rekindled fears of an economic slowdown and as concerns surfaced over possible risks to a new Brexit deal while supply-squeezed palladium continued its record run.
Oil rose about 1.4 per cent overnight, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker US dollar and as traders covered short positions ahead of an industry report on US crude inventories.
Gold rose overnight on concerns that a US House vote on Hong Kong could hamper trade negotiations between the country and China and as investors awaited a key Brexit summit but bullion's gains were overshadowed by deficit-hit palladium as it again set a record.
Oil prices fell overnight as investors worried that the unrelenting US-China trade conflict would keep squeezing the global economy and that swelling US crude inventories would further pressure prices.
Gold fell 1.0 per cent overnight as growing risk appetite boosted investor demand for equities while a sustained supply crunch in palladium propelled the price of that precious metal to a record high.
The Australian share market has finished a touch higher despite stocks of media companies and retailers taking a hit amid reports their businesses are suffering.
The owners of Northbridge’s Picabar have signed a five-year lease agreement with the Perth Theatre Trust (PTT), Culture and the Arts Minister David Templeman announced this morning, bringing to an end a year of uncertainty for the venue.
Oil prices slumped more than 2.0 per cent overnight on worries that global crude demand could stay under pressure as a lack of details about the first phase of a US-China trade deal dimmed hopes for a quick resolution to the tariff fight.
Gold gained overnight as optimism over a potential US-China trade deal waned while palladium notched an all-time high driven by short supplies of the auto-catalyst metal.
Oil prices rose as high as $US60.65 a barrel on Friday after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia but bearish oil demand forecasts soon pulled crude off session highs.
Gold fell over 1.0 per cent on Friday, en route to its biggest weekly decline since March, as easing concerns about the US-China trade conflict and Britain's exit from the European Union renewed appetite for riskier assets.
Oil prices rose overnight, buoyed by comments by the head of OPEC that the organisation could take action to balance oil markets and that it will decide in December on supply for next year.
Gold prices retreated from a one-week peak overnight while palladium prices marked an all-time high after a report suggested that the Chinese government wants to reach an agreement with the US administration to avoid further escalation of a ongoing trade row.
The Perth Mint has today announced the launch of a gold token, partnering with fintech startup InfiniGold to launch the world’s first gold token guaranteed by a sovereign entity.
