S&P/ASX 200 down 0.5% but gold spikes to 6-year high

S&P 500 Index closed down 0.71% while the Nasdaq Composite closed down 0.79%.

President Trump
Gold and oil prices have remained elevated after US Iran tensions continue

S&P/ASX 200 (INDEXASX:XJO) opened down around 1% and has been gradually creeping higher over the morning session to be down 0.48% to 6,701 at 12.44pm.

As more market participants return to their desks today, volumes and volatility are noticeably higher.

Those stocks affected by the bushfires such as insurers are being hit today while gold and oil stocks are higher on the day.

Spot gold spiked to around US$1,590 per ounce, prices not seen since April 2013 - Evolution Mining Ltd (ASX:EVN) is one of the big gainers, up 5.7% on the day.

Pre-market: S&P/ASX 200 futures suggesting weaker start as US Iran tensions rise

ASX 200 futures are pointing to a weaker start this morning following sell-offs in US markets last Friday.

Selling was thought to be prompted by flaring tensions between the US and Iran after a US drone strike killed top Iranian military commander Qassem Soleimani.



Iran’s President Hassan Rouhani took to Twitter vowing revenge for the drone strike.



The S&P 500 Index (INDEXSP:.INX) closed down 23.00 or -0.71% to 3,234.85 and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed down 71.42 or -0.79% to 9,020.77.

While US markets fell on Friday, gold and oil spiked with gold now at US$1,552 per ounce and WTI Crude Oil at US$63.03.

After rising most of last week to over 70 cents, AUDUSD has fallen to 0.6940, which will provide some support for the ASX today.

The monthly AIG Manufacturing Index was released this morning measuring 48.3, slightly higher than last month of 48.1.

Above 50.0 indicates industry expansion and below indicates contraction.



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