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Gold pushes past $1,300/oz threshold

Gold has surged back through US$1,300/oz and managed to hold up above the threshold overnight.
Gold pushes past $1,300/oz threshold Gold pushes past $1,300/oz threshold Gold pushes past $1,300/oz threshold Gold pushes past $1,300/oz threshold Gold pushes past $1,300/oz threshold

Staff reporter

The yellow metal jumped on Friday ahead of China-US trade talks and the latest Federal Reserve meeting, where rates are expected to remain on hold.

Traders will be awaiting commentary from Fed chair Jerome Powell on the state of the US economy, particularly given the lengthy US government shutdown, which ended over the weekend.

The Congressional Budget Office estimated the shutdown cost the US economy $11 billion. US president Donald Trump is already threatening a second shutdown.

That's been good for gold, which is now at $1,303/oz.

It's also good for Australian dollar gold, which is now at A$1,818/oz after rising as high as $1,820/oz.

Meanwhile, the MySteel 62% Australian iron ore fines price surged 4.8% to US$78.80 per tonne following Vale's tailings dam collapse in Brazil.

In London, aluminium dropped 3% after the Oleg Deripaska divested his stake in Rusal, allowing US sanctions to be lifted.

Only zinc rose, with a 0.3% gain.

 

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