Gold targets $4,400 as softer US data dims Fed hike prospects. ASX set to open higher after Wall Street's Friday rebound. Bitcoin climbs 7.3%.
Alpha Score of 49 reflects weak overall profile with strong momentum, poor value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
Gold extended its climb toward $4,400 per ounce as softer US economic data clouded the outlook for further Federal Reserve rate hikes, according to the latest episode of the World Gold Council's "Unearthed" podcast.
The move comes after a strong finish on Wall Street on Friday, where the S&P 500 and Nasdaq each gained about 0.43% while the Dow climbed nearly 0.98%. Bitcoin led the charge, jumping 7.3% to $77,917, its best level since May, marking a fifth consecutive day of gains.
The local market is tipped to open higher after that US session, though the S&P/ASX 200 slipped to 9,058.9 points on Friday. The unemployment rate rose to 4.5% in July, seasonally adjusted, according to the Australian Bureau of Statistics. Male employment fell by 11,000 people, while female employment recorded a smaller fall of 5,000.
On the corporate front, Perenti (ASX: PRN) delivered a strong full-year result, with underlying revenue of $3.5 billion steady compared with FY25. Liberty (ASX: LFG) reported an 8% increase in statutory net profit after tax to $144 million for the year ended 30 June 2026.
Macmahon Holdings (ASX: MAH) subsidiary Macmahon Contractors was awarded a 42-month extension at the Telfer gold mine in Western Australia valued at $485 million. Tungsten Mining (ASX: TGN) appointed specialist mining finance firm Cutfield Freeman & Co to develop an optimised funding strategy for its Watershed project. Industrial Minerals (ASX: IND) confirmed a strong gold target at the North Pool prospect within the Laverton gold project in WA.
In currencies, the Australian dollar was buying US$0.716. Iron ore rose 0.05% to $95.21 a tonne in Singapore, Brent crude gained 0.65% to $94.39 per barrel, and US natural gas futures were up 1.46% to $2.7730 per gigajoule.
Gold's push toward $4,400 follows a period of strength for the precious metal, with softer US data raising questions about how much further the Fed can tighten.
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