ASX 200 slips 0.5% to 8796.7 as gold drops below $US4000; Coles jumps 2.9% after Greencross talks end
AI Market Summary
ASX 200 ended the week slightly lower as materials sold off, led by BHP on strike risk at Port Hedland and softer production guidance. Gold's largest weekly drop since early June, falling below US$4000/oz, reflected rising Fed-tightening expectations as renewed Middle East tensions and higher oil revived inflation concerns. The cross-asset mix of weaker gold, higher Brent, and risk-off positioning weighed on miners and broader sentiment.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.32%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Australia’s S&P/ASX 200 fell 0.5% to 8796.7 on Friday, leaving it down 0.1% for the week. Gold slid below $US4000 an ounce, marking its biggest weekly drop since early June, while Brent crude rose to about $US85 a barrel for its strongest week since April. Renewed fighting in the Middle East and worsening tensions around Iran lifted inflation concerns and strengthened expectations the US Federal Reserve could raise rates, weighing on gold. Mining stocks led declines, with BHP, Northern Star, Genesis Minerals and Regis Resources all falling sharply.
