The Early Trades || Why did Australasian Gold Make A Weak Debut on Thursday?

• Australian shares are trading higher on Friday, tracking a rally on Wall Street overnight as investors shrugged off their inflation concerns. The S&P/ASX200 is trading up by 61 points or 0.87% at 7043 in a broad-based rally. 

• The market remained under pressure this week as investors remained concern over Federal Reserve’s move to tighten monetary policy sooner than expected, to reduce its supply of cheap money that had been propelling financial markets higher throughout the pandemic. 

• Moving on to the global markets, The US equities ended higher in overnight trade, snapping three session losing streak, as market cheered data released by the Labor Department showing drop in jobless claims. The US jobless claims fell by 34,000 to a 14-month low of 473,000 in the past week, indicating a recovery in the world’s largest economy. 

• The blue-chip index Dow Jones ended 1.29% higher on Thursday, S&P 500 gained 1.22%, and tech-savvy NASDAQ up 0.72% on the back of gains in heavyweights such as Apple, Microsoft and Facebook. 

• The spot gold prices rose higher by 0.25% to US$1,827.30 an ounce as the yield on the US 10-year bond eased to 1.66%.

• ASX-listed gold stocks such as Regis Resources Limited (ASX:RRL), Gold Resources (ASX:GOR), Remelius Resources (ASX:RMS), Silver Resources (ASX:SLR),  St Barbara Limited (ASX:SBM) and Newcrest Mining Limited could trade higher today.  

• Australian energy players such as Woodside Petroleum Limited (ASX:WPL), Beach Energy Limited (ASX:BPT), Origin Energy Limited (ASX:ORG) and Oil Search Limited (ASX:OSH) will be in focus.  


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