Market Highlights: Fed hints at more rate cuts, gold hits highs, and all eyes on RBA today

Stockheads09-24

ASX set for slight drop as investors digest Fed comments Fed officials hint at potential future rate cuts Gold prices hit record highs while Tesla and Boeing rise The ASX is looking at a slight drop ...

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Davidson lowered Microsoft’s rating from Buy to Neutral, but kept the price target at US$475, versus current price of US$433.50. Microsoft was down 0.4%.To commodities, gold prices continued to rise to record highs.Spot gold remained above the crucial US$2,600 per ounce mark after reaching a record high of US$2,635.05 earlier last night.Back home, Aussie investors will be focused on the Reserve Bank’s cash rate decision at 2:30pm AEST today which is widely anticipated to remain unchanged, along with Governor Michele Bullock’s press conference that follows.How the RBA could impact the Aussie dollarScott Solomon at T. Rowe Price believes that although most of RBA’s central bank peers have begun cutting rates, he doesn’t expect the RBA to make any adjustments – neither cuts nor hikes – today.Solomon also said that, barring any major changes in economic data, Australian borrowers are unlikely to see any relief for the remainder of the year.However, he noted that a hawkish stance from the RBA could strengthen the Australian dollar.“While it’s unlikely the RBA directly comments on the currency, they should welcome a stronger AUD as it supports the inflation fight as Australians reap the benefit of falling relative prices of imported goods,” Solomon wrote.The AUD is trading at US68.39 cents at the time of writing.In other markets …Gold price rose by 0.2% to US$2,627.75 an ounce after earlier touching its all-time high of US$2,635.05.Oil prices  closed 0.5% lower despite Israel ramping up its attacks in southern Lebanon, with Brent crude now trading at US$74.20 a barrel.The benchmark 10-year US Treasury yield was flat at 3.75%.Bitcoin was up 1% in the last 24 hours to US$63,318, and Ethereum surged by 4% to US$2,653.Meanwhile, iron ore  retreated by 2% to $US89.75 a tonne, a one-year low. Analysts point to weak demand from China, particularly in the country’s housing construction sector.5 ASX small caps to watch todayRagnar Metals (ASX:RAG)\nRagnar has announced findings from its exploration at the Olserum North Heavy Rare Earth Project in southern Sweden, where it has identified promising rare earth element potential at the Melson prospect. Rock samples revealed a biotite-magnetite shear zone with assays of up to 1.75% total rare earth oxide and up to 71% heavy rare earth oxide. New syenite intrusions have also been mapped over an area of at least 50 by 20 metres, indicating potential for large deposits. Further fieldwork is planned, with collaboration from experienced consultants to explore these findings, starting in early October, including magnetic surveys to identify more mineralised areas.Alto Metals (ASX:AME)\nAlto Metals announced some strong results from metallurgical testwork at its Indomitable site, achieving a gold recovery rate of up to 97% through gravity separation and cyanide leaching. The tests, conducted on fresh rock samples, showed high gravity recovery of 64.8%, with significant recoveries of 89.4% within two hours and 97% after 24 hours. These findings boost confidence in the Indomitable deposit and the broader Sandstone Gold Project, which spans over 740 km² in Western Australia. A drilling program of around 3,500 metres is currently underway to explore new targets in the region.ImpediMed (ASX:IPD)\nImpediMed announced that US-based Emblem Health and Presbyterian Health have updated their medical policies to include coverage for IPD’s Bioimpedance Spectroscopy (BIS) in lymphoedema assessment. This means coverage now extends to 144 million lives across 16 states. Emblem Health’s new policy applies to breast cancer patients in New York, Connecticut, and New Jersey, allowing BIS assessments without pre-authorisation. Similarly, Presbyterian Health, the largest payor in New Mexico, has also made BIS accessible without pre-authorisation.Global Uranium and Enrichment (ASX:GUE)\nGUE has announced promising results from its first drill program at the Maybell Uranium Project in Colorado. Ongoing drilling has revealed significant high-grade uranium mineralisation, including a notable intersection of 4.6 metres at 0.30% U3O8. Other results include multiple sections with varying grades. Maybell is known for its historical production of 5.3 million pounds of U3O8. The company has completed 11 drill holes so far, with the program expected to wrap up by the end of September.Kuniko (ASX:KNI)\nRecent drilling at the Ertelien Nickel-Copper-Cobalt Project has revealed promising assay results, showing 1,200 metres of disseminated sulphide mineralisation, including some high-grade zones. The findings indicate growth potential for the current Mineral Resource Estimate (MRE) and help clarify three identified mineralised areas. Highlights include shallow mineralisation with grades such as 0.22% NiEq over 48.5 metres from drillhole KNI_ER007, as well as high copper grades reaching 1.52% Cu. The mineralisation at Ertelien resembles that of the renowned Voisey’s Bay deposits, and an update to the MRE is expected early in the fourth quarter of 2024.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2469235177"}