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Dovish comments send markets soaring

Dovish comments from US Federal Reserve chairman Jerome Powell yesterday, which hinted at a possible rate, cut sent US markets soaring.
Dovish comments send markets soaring Dovish comments send markets soaring Dovish comments send markets soaring Dovish comments send markets soaring Dovish comments send markets soaring

Image: Unsplash.com/Sunyu

Staff reporter

The S&P500 breached 3,000 points for the first time before closing slightly below the benchmark.

The spot gold price has shot up US$32 an ounce compared with this point yesterday, to about $1,424/oz.

The gold-heavy metals and mining sector closed more than 1% higher in Toronto yesterday.

Market futures were pointing to a positive start today for key global indices.

The S&P/ASX200 was up at the time of writing and gold producer Resolute Mining (ASX: RSG) was leading market risers on the index with a gain of about 9% on no news.

The Australian dollar gold price has risen further, to A$2,046.32/oz, according to the Perth Mint.

Base metals also closed higher on the London Metal Exchange yesterday.

Among the majors, Newmont Goldcorp (NYSE: NEM) rose 0.75% in New York yesterday, Antofagasta (LSE: ANTO) reduced some of the previous day's losses by gaining 1.79% in London and BHP (ASX: BHP) was up 0.4% in afternoon Australian trade.