Australian shares flat as energy gains offset gold stock weakness
Australian shares traded in a narrow range on Monday as strength in energy stocks from rising oil prices countered a 1% drop in gold miners, leaving the S&P/ASX 200 flat.
Gold Market
Australian shares traded in a narrow range on Monday as strength in energy stocks from rising oil prices countered a 1% drop in gold miners, leaving the S&P/ASX 200 flat.
Gold dropped 0.5% on Monday as rising oil prices from Middle East tensions stoked inflation fears and bets on a September Federal Reserve rate hike, though Treasury buybacks offered some support.
Gold pulls back after failing to break $4,435 resistance. Middle East tensions and Fed rate uncertainty weigh. Wednesday's Fed minutes could decide the next move.
Gold extended its rally above $4,400 as the US dollar hit two-month lows. Weak US jobs and inflation data reduced Fed rate hike bets, while Iranian threats lifted oil and supported safe-haven demand.