In This Issue
Improving trend continues as gold nudges US$2,400/oz
The markets are still getting their heads around the changes in expectations regarding interest rate trends. The stronger US economy is working against the objective of lower inflation, and therefore lower interest rates, in the short term.
If you think about it, the previous thematic that interest rates would come off in 2024, was rather simplistic. We still think we know what the general direction is but the timing of exact movements is always subject to swings to and fro.
Our All Ords has taken the brunt of the disappointment as it gave up ground last week, but the Metals and Mining Index is continuing to recover. Likewise, sentiment in the junior resources sector is improving further. It certainly has some catching up to do.
Meanwhile, the gold price is nudging US$2,400/oz with geopolitical tensions suggested as the driver.
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