FUNDAMENTALS

Spot gold was little changed at $4,512.19 per ounce, as of 0031 GMT, after hitting its highest level since June 2 at $4,525.79 earlier ‌in the ⁠day. Prices ⁠jumped more than 4% on Wednesday.
U.S. gold futures for December delivery rose ​0.6% to $4,569.80.

Yields on long-dated U.S. Treasuries fell, with the increased demand following an ​announcement that the Treasury Department would double the size of liquidity support buyback operations for longer-dated notes and bonds. [US/]

The U.S. dollar remained ​subdued, making greenback-priced metals less expensive for buyers ⁠holding other ‌currencies. [USD/]

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Total U.S. debt has topped $40 trillion for ​the first ​time, the Treasury Department said on Wednesday, drawing fresh ⁠warnings that a fiscal crisis is brewing as ballooning ​costs for social safety-net programmes and interest payments ​far outstrip revenues held back by tax cuts.
Concern about inflation deepened at the Federal Reserve’s meeting last month, with “several” policymakers ready to raise interest rates and “many” saying a hike in borrowing costs would be needed if inflation does not decline to the U.S. central bank’s ‌2% target, the minutes of the session showed on Wednesday.Traders are pricing in a 67.3% chance that the ​Fed will ​keep rates unchanged ⁠and a 32.7% chance of a rate increase in September, according to the CME FedWatch Tool.

Gold is considered a safe investment during geopolitical and ​economic turmoil, while higher interest rates reduce its appeal as it yields no interest.

Among other metals, spot silver gained 0.2% to $67.06 per ounce. Platinum fell 0.4% to $1,816.78, while palladium rose 0.3% to $1,339.05.

DATA/EVENTS (GMT)

0100 China Loan Prime Rate 1Y, 5Y Aug

1230 US Initial Jobless Clm 15 Aug, w/e

1230 US Philly Fed Business Indx Aug

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SYDNEY — The S&P/ASX 200 climbed 28.0 points, or 0.31%, to 9,081.8 as of 12:44 p.m. AEST Thursday, rebounding from a two-week low as a dramatic overnight surge in gold prices lifted mining stocks and a heavy slate of corporate earnings continued to drive volatility across the Australian market.

Thursday’s gains followed a soft start to the trading week, with the ASX 200 having fallen for six consecutive sessions before touching a two-week low of 9,042 points in early trade Wednesday. That earlier weakness had been driven in part by sluggish U.S. stock futures amid a global bond market selloff and rising oil prices, according to Trading Economics. Wednesday’s session ultimately closed little changed, with the index steadying at 9,027 points, down 0.30% for the day.

Thursday’s rebound came on the back of a striking overnight move in gold markets. According to Market Index’s live coverage of the session, gold prices experienced a massive 4.3% rally overnight to $4,522 an ounce, after the U.S. Treasury Department made a surprise announcement that it would ramp up buybacks of long-dated government debt, a move interpreted by markets as signaling an effort to lower long-term borrowing costs following yields that had hit multi-decade highs earlier in the week. The All Ordinaries Gold Index surged 8.1% in early Thursday trade, pushing it to a gain of 4.4% year to date, according to Market Index.

The rally in gold miners provided a significant boost to the broader index, with the sector emerging as one of the standout performers of the session even as other parts of the market showed more mixed results.

Thursday marked one of the busiest days of the current reporting season, with a large number of ASX 200 companies scheduled to release earnings, including Goodman Group, Medibank Private, Megaport, Super Retail Group and Zip Co, according to The Motley Fool Australia. Among those results, an industrial property group reported meeting its fiscal 2026 estimates while guiding to 9% earnings growth for fiscal 2027, with data centers now dominating a development pipeline that grew by more than 50% over the year, according to Market Index’s live blog.

A buy-now-pay-later company delivered a notable earnings beat, with cash EBTDA rising 57.9% to $268.9 million against analyst estimates of $263 million, a 2% beat, alongside operating margin expansion of 420 basis points to 20.0%. Net bad debts came in at 1.77% of total transaction value, slightly above the prior year’s 1.52% but within management’s target range. Active customer numbers rose 3.7% to 6.5 million, marginally missing the 6.6 million analysts had forecast, while merchant numbers climbed 13.8% to 97,400. The company issued fiscal 2027 cash EBTDA guidance of $340 million, implying 26% growth and sitting 10% above analyst estimates, while guiding to U.S. transaction volume growth of more than 30%, well ahead of the 21% growth implied by analyst projections. The company also disclosed it had completed $150 million in share buybacks during fiscal 2026, with a further $50 million program announced for fiscal 2027, and said it was considering a share consolidation to be put to its 2026 annual general meeting while continuing to weigh a potential U.S. dual listing.

Wednesday’s session had featured its own significant earnings-driven swings ahead of Thursday’s rebound. Whitehaven Coal tumbled 2.4% on weak earnings, while Evolution Mining shed 0.9% despite reporting a stronger fiscal 2026 profit. Santos gained 2.5% on higher oil prices and an interim dividend that aligned with analyst estimates, reflecting the company’s strong first-half operating free cash flow. Three of the big four banks eased between 0.1% and 1.4% during that session, continuing a pattern of underperformance among interest-rate-sensitive financial stocks that has persisted through much of the current reporting period.

Energy stocks were also flagged as a sector to watch Thursday following overnight gains in crude oil prices, with Woodside Energy Group and Santos both positioned for a potentially strong session, according to The Motley Fool Australia’s preview of the day’s trading.

Thursday’s positive tone was reinforced by a solid overnight session on Wall Street. According to SPI futures data cited by The Motley Fool Australia, the ASX 200 had been expected to open roughly 28 points, or 0.3%, higher Thursday morning, in line with gains in the U.S. the previous session, where the Dow Jones Industrial Average rose 0.2%, the S&P 500 climbed 0.2% and the Nasdaq Composite advanced 0.15%.

The current reporting season has produced some of the most significant single-session index moves of the year. The ASX 200 surged 441 points, or 4.99%, from 8,841 to a fresh all-time high of 9,282 points during the fortnight spanning July 22 to Aug. 5, according to analysis from HLM Investments, in what was described as the most concentrated period of technology sector earnings of the year both in Australia and globally. That rally has since given way to a choppier, more earnings-driven trading pattern through much of August, with the index oscillating within a roughly 250-point range as investors digest a steady stream of corporate results alongside broader macroeconomic developments, including this week’s dramatic swings in global bond and gold markets.

The ASX 200 remains below the all-time high of 9,198.6 points it reached in February, having climbed 2.66% over the past month even as it sits roughly flat, up just 0.09%, compared with the same period a year earlier, according to Trading Economics. With reporting season continuing through the remainder of the week and Thursday’s wave of major earnings releases still being digested by the market, investors are likely to remain focused on how individual company results, alongside the continued fallout from the Treasury Department’s debt buyback announcement and its ripple effects across gold and bond markets, shape the index’s trajectory heading into the final stretch of August trading.