The Australian sharemarket is trading lower today, dropping 0.26% to 7,740.50.
The index has lost 0.34% for the last five days, but sits 2.15% below its 52-week high.
Sectors mostly in the red
Nothing was up by very much from a sector perspective – Financials were up slightly, by 0.12%, while Consumer Staples were up by 0.5% and Communications Services and Health Care by just 0.01% each.
At the other end of the spectrum were Energy, down 1.61%, and Materials, which slipped 0.74%.
The Fair Work Commission (FWC) today handed down a 3.75% increase in award wages effective July 1 this year.
The FWC cited easing inflation, zero productivity growth and upcoming stage three tax cuts and cost-of-living relief for the increase, which was modest relative to last year.
Meanwhile, home price data yesterday revealed a 0.8% lift in May.
Gold price continues to shine
The Gold Bullion Company has outlined a number of reasons behind the all-time high gold price, including economic and geopolitical uncertainty, inflation, portfolio diversification, Central bank buy-ups and increased retail demand for jewellery, bars and coins, and a tightening supply.
Managing director Rick Kanda said: “There have been a range of reasons for the all-time high gold prices, however, they nearly all come back to the fact that gold is a stable investment.
“Gold has historically been seen as a reliable store of value during economic and political uncertainty, making it unsurprising that a record number of investors backed gold in 2023.
“As demand increases, so does the value of gold making 2024 a great time to start investing. To help anyone interested in investing, we have shared our top tips on how to get started.”
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