Gold bonanza as Australia revises resource export earnings up 4%

Gold prices remained steady during the morning Asian session, buoyed by expectations of potential interest rate cuts from the Federal Reserve. This trend reflects a growing investor sentiment towards gold as a safe-haven asset amid economic uncertainties.

Gold and silver prices are hovering near record highs, buoyed by slower-than-expected inflation data from the US, which has reinforced expectations for further interest rate cuts by the Federal Reserve. Platinum is also approaching a 17-year peak, indicating strong demand across precious metals.

North American Construction Group has acquired Iron Mine Contracting, a move that expands its operations in Australia. This acquisition is part of the company's strategy to enhance its market presence and capabilities in the region.

Gold and silver prices experienced a recovery after the release of the November Consumer Price Index (CPI) report, which provided insights into inflation trends. This recovery follows a period of volatility in the precious metals market, where both metals had faced losses prior to the report's release.

Gold prices are currently trading near record highs, while platinum has extended its rally, nearing $2,000 an ounce, following the release of softer-than-expected US inflation data. This development reflects a positive market response to economic indicators that suggest a potential easing of monetary policy by the US Federal Reserve.