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The ASX is set to open lower this morning with SPI Futures down 10 points at 6,029.5.
Gold prices on Thursday approached a four-month high set on the previous day after minutes of a European Central Bank meeting showed a more aggressive tone and boosted the euro against the U.S. dollar.
Spot gold was up 0.5% at $US1,322.74 an ounce.
Iron ore spot markets rallied on Thursday, hitting the highest level in close to five months.
However, with futures down heavily in overnight trade, it looks like those moves may be reversed in the session ahead.
According to Metal Bulletin, the price for benchmark 62% fines rose 1% to $79.08 a tonne, leaving it at the highest level since August 22.
Gains in US stocks were led by the energy sector, which rose more than 2% as brent crude oil briefly climbed above $US70 a barrel for the first time since December 2014. Iron ore also rose again last night and is now at its highest level since August 22.
The Australian dollar is on the charge, rising to the highest level in three months on Thursday on the back of a bumper Australian retail sales for November and broad-based US dollar weakness.
After starting the session buying .7842, the AUD/USD ripped higher in Asia following the release of Australia’s retail sales report for November.
Outside of the Chinese data, the other major releases on Friday will be US consumer price inflation and retail sales for December at 12.30am AEDT.
From the Kaz Team.