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Gold prices have risen as the US dollar has eased, but gains are expected to be muted ahead of inflation data from the United States later this week that could mean US interest rates rise faster than expected.
Wesfarmers, Woodside Petroleum and South32 were among Australian shares that closed lower in the wake of another overnight collapse on Wall Street but local losses were relatively contained as many Asian markets tumbled steeply.
Solomon Lew is calling on fellow Myer shareholders to "save the company" with a board spill after shares in the troubled retailer plummeted to a fresh all-time low on the back of its latest profit warning.
Gold prices are flat, slumping early on concern about rising US bond yields and global interest rates, but buyers emerged to lift bullion when it hit a technical support level at about $US1,312 an ounce.
Traditional owners say it is a "sad day" for their people and land after the Supreme Court dismissed an appeal against the approval of a uranium mine in central Western Australia, but conservationists have vowed to continue the fight.
Oil prices have fallen to a one-month low after US data showed a build in inventories and record high crude production, raising worries that the market could be in for more selling, exposing speculators that have bet big on upward momentum in crude.
Gold has slipped as the US dollar has strengthened and global shares have clawed their way off two-month lows, though bullion was underpinned by the view that the dollar's bear run remains in place despite rate hike expectations.
A tieback of the Scarborough field into the Pluto LNG plant could well be the next major energy development in Western Australia, after Woodside Petroleum announced a deal to increase its stake in the field.
Wesfarmers is overhauling the leadership at its underperforming UK hardware business after the struggling unit was responsible for the majority of $1.3 billion in first-half writedowns and impairments.