Copper and gold keep rising

COPPER and gold have extended this week’s gains, each reaching new seven-month highs.
Copper and gold keep rising Copper and gold keep rising Copper and gold keep rising Copper and gold keep rising Copper and gold keep rising

Both metals are connected to the two biggest market themes: copper to Chinese growth and gold to inflation and interest rate rises.

Copper gained another 0.7% to US$8890.50 per tonne, or $4.09 per pound.

Gold rose to $1881.50 an ounce ahead of US inflation data, due out later this week.

Spot gold was trading at $1877.36/oz or A$2723.38/oz.

The Australian dollar was trading at US68.95c.

ASX futures were up 30 points this morning after the S&P 500 closed 0.7% higher overnight.

"Financial markets are lacking clear direction as uncertainty prevails as to how high the Federal Reserve will lift rates," ANZ Research said.

"With limited data releases, markets are focussing on comments from the Fed members.

"However, [Fed] chair [Jerome] Powell avoided commenting directly on the monetary policy expectations at his latest speaking event."

Updated: 11-01-2023

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