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Investing: Australia Stocks Close Further High in Trade

Australia stocks went further high at the close of trade on Wednesday. Further, the gains in sectors specifically Metals & Mining, Resources, and Materials lifted the shares higher.

Meanwhile, the S&P/ ASX 200 made a 0.23% increase. The Eclipx Group Ltd, Tabcorp Holdings Ltd, and Lynas Corporation Ltd were the best performers during the session. The Eclipx Group Ltd made a 10.69% or 0.193 points to trade to end at 1.992. On one hand, the Tabcorp Holdings Ltd made further 7.78% or 0.350 points to make a 4.850 at the close. Lynas Corporation Ltd, on the other hand, increased to 4.40% or 0.095 points to 2.255 in late trade.

FinanceBrokerage - Investing Gold prices advance on Wednesday trade as dollar softens
Gold prices advanced on Wednesday trade as the dollar weakens

The Infigen Energy, Mcmillan Shakespeare Ltd, and Sigma Pharmaceuticals Ltd were the worst performers during the session. The Infigen Energy declined 5.74% or 0.035 points to trade at 0.575 at the close. Mcmillan Shakespeare Ltd, on one hand, made a 4.60% or 0.740 points drop to make a 15.360 end. On the other hand, Sigma Pharmaceuticals Ltd decreased to 4.33% or 0.023 points to 0.497.

In the Sydney Stock Exchange, the declining stocks surpassed the advancing ones by 596 to 576 and 384 at the close.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, declined to 0.82% to 11.399 which is a new low for one month.

The December delivery of gold futures jumped to 0.23% or 2.80 to $1221.10 a troy ounce. In other commodities, the September delivery of crude oil increased to 0.16% or 0.11 to hit $69.28 a barrel. The October Brent oil contract dropped 0.01% or 0.01 to $74.64 per barrel.

The AUD/USD increased from 0.07% to 0.7426 while there was 0.02% to 82.64 declines in AUD/JPY. Meanwhile, the US Dollar Index Futures made a decrease of 0.12% at 94.89.

Investing: Gold prices advance on Wednesday trade as dollar softens

On Wednesday, gold prices advanced as the dollar softens in trade.

The December delivery of gold futures on the  Comex  division of the New York Mercantile Exchange made $3.5, or 0.29% gains to trade at $1,221.7  per troy ounce.

Meanwhile, the US dollar index declined to 0.2% at 94.87. As the dollar softens, the gold goes cheaper consequently for other holders of currencies.

“Gold is consolidating here for the moment. The dips on the dollar still seem to be bought so I am skeptical to call a bottom on gold,” said Philip Ho, a Hong Kong-based trader.

Amid the latest decline, the greenback made more than 6% increases since mid-April. The Federal Reserve’s hikes on interest rates support the dollar.

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