Commodities

The Australian stock market saw significant gains on Tuesday, with key indices extending their previous day's gains. The S&P/ASX 200 and All Ordinaries climbed by 0.63% and 0.69% respectively, driven by positive cues from Wall Street and a milder COVID-19 variant. However, concerns over rising COVID cases in major cities, including Sydney and Victoria, tempered some of the gains.

Gold prices (XAU/USD) have surged above $4,050, gaining momentum amid fresh bets that the Federal Reserve will cut interest rates. Early trading in Asia shows resilience as markets await key US economic data.

Gold prices (XAU/USD) have surged above $4,050, gaining momentum as market participants anticipate a Federal Reserve (Fed) rate cut following John Williams' comments. The precious metal has seen a positive response, with sentiment scores indicating strong interest, making it a key area of focus for investors.

BHP, Australia's largest miner, has dropped its bid to acquire Anglo American, marking a strategic shift in the sector. With copper demand spiking across industries, the price of this industrial metal has surged, driving implications for global mining companies. The failed bid underscores the complexities of mergers in a competitive market, while the surge in copper demand highlights its critical role in a variety of sectors.