CAPITAL MARKETS

Gold rises, markets at fresh records

Hopes of vaccines, stimulus plans and continuing economic recovery in China have sent US market indices to fresh highs.

Staff reporter
 The New York Stock Exchange

The New York Stock Exchange

"It's a December to remember as the S&P rises +1.13% to reach a record high of 3,662.45," the New York Stock Exchange tweeted.

The Nasdaq finished up 1.28% to a record close of 12,355.11.

The US dollar fell and gold is back above US$1,800 an ounce.

The precious metal price shot up in the past 24 hours, from below $1,780/oz on the spot market, to about $1,812/oz at the time of writing.

Most base metals were buoyant on the London Metal Exchange, where copper closed up 1.6% to $7,688/t.

It touched $7,708/t yesterday - the highest intraday price since March 25, 2013, Marex Spectron's Anna Stablum noted.

Meanwhile Australia's economic activity grew in the September quarter by 3.3%.

Market futures were mixed.

Finally among the majors, Fresnillo gained 5.9% in London, Freeport-McMoRan rose 1.07% in New York and BHP was up more than 1.2% in midday Australian trade.

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