Australian shares move within 50 points of record close. China leaves rates on hold. Copper and gold at record highs. Follow updates here.
Gold notched a fresh all-time high, as investor demand soared across the broader metals complex amid increasing optimism the US will cut rates this year. Bullion jumped as much as 1.1 per cent to hit $YUS2440.59 an ounce in early Asian hours, surpassing a previous intraday record reached in April. Traders have boosted bets in recent sessions that the Federal Reserve could reduce borrowing costs as early as September.
Hedge funds trading Comex futures boosted bullish bets on gold to a three-week high in the week ending May 14, according to the latest data from the Commodity Futures Trading Commission. Elsewhere, geopolitical risks in Russia and the Middle East re-emerged after a Ukrainian drone strike on a small Russian refinery halted operations on Sunday, while a China-bound oil tanker was hit by a Houthi missile in the Red Sea on Saturday.
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