Gold prices hit a new record high of $2,365.09 per ounce, driven by persistent inflationary pressures and the possibility of interest rate cuts. The ASX is expected to open higher following late strength on Wall Street. The ASX futures are up 0.3% near 9am AEDT. The boss of JPMorgan Chase, Jamie Dimon, warned that interest rates in the US could reach 8% as a range of "persistent inflationary pressures" weigh on the economy. Former Federal Reserve Bank of St Louis president James Bullard said three interest rate cuts remained likely this year. US sharemarkets were mixed on Tuesday, with the Dow Jones index falling slightly, the S&P 500 index rising, and the Nasdaq index adding points. European sharemarkets fell, with benchmark indexes in Germany, France, and Italy losing between 0.9% and 1.3%. The Euro fell, the Aussie dollar lifted, and the Japanese yen firmed. Global oil prices fell for a second day, while base metal prices rose. In Australia, building activity data is scheduled, and the Reserve Bank of New Zealand and Bank of Canada both hand down interest rate decisions. In the US, the consumer price index (CPI) is released with the Federal Reserve's (FOMC) March 19-20 meeting minutes. [4a4ab4be]
Australia is reeling from one of the country’s deadliest mass killings after [number] were stabbed to death at a mall in Sydney on Saturday. The attack left several others injured, including a baby who is in intensive care. The assailant, who was [apprehended] by police, was known to authorities and had been diagnosed with a mental illness as a teenager. Pakistan has the highest cost of living in Asia, with a 25% inflation rate. Authorities have hiked interest rates to 22% to try to alleviate the problem. Shareholders in US Steel overwhelmingly voted to accept an offer from Nippon Steel to acquire the company at about $55 a share. Wholesaler Costco is estimated to be selling over $200 million worth of one-ounce gold bars, with prices surging to over $2,300 an ounce since March. [f760ee92]