Gold jumped to a two-week high on Friday after weak US economic data boosted expectations the US Federal Reserve would hold pat on monetary tightening, while palladium matched an all-time high on a prolonged deficit.
Oil prices rose more than 2 per cent on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing US-China trade talks strengthened demand sentiment.
Oil prices edged higher overnight and Brent hit the highest level this year, but gains were capped after the steepest decline in US retail spending since 2009 heightened investor fears of a global economic slowdown.
Gold prices rose overnight as the US dollar fell on weak economic data from the United States, which bolstered expectations the Federal Reserve would stick to its dovish stance on monetary policy.
The S&P 500 and the Dow have slipped while the Nasdaq has posted a slim gain as investors struggled to square grim retail sales data with hopes that high-level talks in Beijing could resolve the ongoing US-China trade dispute.
The Australian sharemarket has closed flat after being tugged in opposite directions by mixed earnings reports from 16 of the nation's top 200 companies.
Infrastructure Australia has identified 16 priority projects for Western Australia, highlighting several major differences with the state government’s priorities, including the Morley-Ellenbrook line.
Gold prices rose to hit a peak in more than a week overnight on signs that the US Federal Reserve will likely be patient on further interest rate rises, but rallying global equities kept the metal's gains in check.
Oil prices rose 2 per cent overnight after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production but swelling US crude inventories led the market to pare gains.
Western Australia’s peak tourism body has called for greater restrictions on short-stay accommodation providers claiming residential properties on Airbnb do not increase visitation to the state.
The federal government’s latest research funding round will focus on minerals including lithium, cobalt and titanium in an effort to boost Australia’s resources sector.
Oil prices were up more than 2 per cent overnight on steep OPEC production cuts, with its de-facto leader Saudi Arabia planning to drop March crude output by more than a half a million barrels per day below its initial pledge.
Gold prices edged higher overnight, buoyed by a slight retreat in the US dollar amid optimism about a potential resolution of the US-China trade conflict.
Wall Street has rallied as investors were heartened by a tentative congressional spending deal to avoid another partial federal government shutdown and by optimism surrounding US-China trade negotiations.
AusGroup's LNG contract with Chevron in Western Australia has been extended, while CPB Contractors has been awarded packages for Australia Pacific LNG in Queensland.
Gold prices fell overnight as investors preferred the safety of the US dollar in the face of mounting concerns that the US-China trade dispute could slow global growth.
