FX.co ★ ASX 200 Breaks New Record Above 9,000

The S&P/ASX 200 index ascended 0.8%, reaching a new record high by surpassing the critical 9,000 mark on Thursday. This uptick was buoyed by rising gold stock prices, stimulated by unprecedented bullion valuations, alongside investors scrutinizing the latest employment figures. Gold mining firms saw a significant rise of 2.3%, with bullion prices exceeding $4,200 per ounce for the first time. This surge was fueled by heightened expectations of interest rate cuts in the United States and ongoing global trade disputes. Leading industry players, such as Newmont and Northern Star, experienced increases exceeding 2.5%, while Genesis Minerals soared by 6.3%. The financial sector, which is sensitive to interest rate changes, also saw a 0.9% increase, driven by major banks like ANZ, which rose by 1.1%, NAB by 0.6%, and the Commonwealth Bank by 0.5%. However, Australia's unemployment rate climbed to 4.5% in September, marking its highest point in four years due to the addition of 14,900 jobs, which fell short of projections. This softer employment data suggests further loosening in the labor market, intensifying speculation that the Reserve Bank might resume interest rate cuts as early as the next month. Traders currently estimate a 70% probability of such an easing, a significant rise from the previous 40%, as they anticipate key inflation data to be released in the coming weeks.