Gold rose above $2,660 an ounce on Tuesday, rising for a second straight session, supported by a shift in Chinese policy and geopolitical risks in the Middle East. China's ruling Politburo on Monday announced plans to ease monetary policy for the first time in 14 years to stimulate the economy, boosting market sentiment across commodities. In addition, China's central bank added gold to its reserves for the first time in seven months, bolstering demand for the precious metal. Geopolitical tensions in the Middle East, particularly the fall of the Syrian government, also added further...
The Australian dollar weakened past $0.64 on Tuesday, reversing gains from the previous session, after the Reserve Bank of Australia kept its policy rate unchanged at 4.35% for the ninth straight meeting. However, the slightly more dovish tone from the central bank in its policy statement fueled market expectations of an earlier rate cut than previously anticipated. Last week, data showed Australia's economy grew just 0.3% quarter-on-quarter in the three months to September, lower than the 0.4% growth expected by markets. In addition, business confidence in Australia weakened sharply in...
Reserve Bank of Australia (RBA) Governor Michele Bullock is due to address a press conference and respond to media questions as part of a new reporting format for the central bank that started this year. The RBA maintained the benchmark interest rate at 4.35% for the ninth straight meeting earlier this Tuesday. The central bank, however, softened its hawkish tone, hinting at a dovish pivot early next year. This section below was published at 03:30 GMT to cover the Reserve Bank of Australia's monetary policy announcements and the initial market reaction. The Reserve Bank of Australia (RBA)...