The ASX and gold have both started the final trading session of the week on a record high.
The S&P/ASX 200 jumped a further 39.2 points, or 0.46%, to 8,532.9 points as of 10.30am AEDT, setting a new 52-week high. The index has gained 1.47% over the past five days.
Meanwhile, gold rocketed to a new Australian dollar record on a weaker greenback and continued jitters over US Donald Trump’s tariffs.
At 10.30am AEDT on Friday, gold was fetching around $4,500 an ounce, marking a 1.8% gain. On Thursday, the price climbed to a record US$2,798 following the release of economic data in the US.
ANZ Rates Strategist Jack Chambers says in a research note today (31 January) Trump’s tariffs are likely to lead to measurably higher inflation, a concern the broader market continues to hold.
“This was borne out in trade data released yesterday,” he says.
“Swiss exports of gold to the US surged to the highest level since Russia’s invasion of Ukraine, in a sign that investors were keen to protect themselves from the impact of Trump’s economic policies.”
Seven of the 11 sectors gained ground. The materials sector advanced 0.65% in early trade, utilities rose 0.27% and energy edged up 0.03%.
Unsurprisingly, the gold majors were among the biggest movers after the opening bell. Vault Minerals (ASX:VAU) jumped 5.48% to $0.39, Newmont (ASX:NEM) rallied 4.2% to $69.45 and Bellevue Gold (ASX:BGL) increased 4.15% to $1.26.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Unsplash
