[MARKET UPDATE] Spot XAU continues to extend on earlier gains, now +0.7% and just shy of ATHs at USD 4550/oz. Gains in the metals space has supported the ASX 200 (+0.7%) at the open

Spot XAU continues to extend on earlier gains, now +0.7% and just shy of ATHs at USD 4550/oz. Gains in the metals space has supported the ASX 200 (+0.7%) at the open.

The continued rise in spot gold, approaching all-time highs, underscores strong demand dynamics, likely driven by safe-haven buying amid broader economic uncertainties. This upward momentum in precious metals is also supporting equity markets like the ASX 200, indicating a positive cross-asset correlation that traders should monitor for potential shifts in sentiment.