Australia: Gold stocks, central bank comments give shares modest lift

Australian shares eked out modest gains on Monday as gold stocks advanced on heightened Sino-US tensions and positive comments from a central bank official assuaged fears about the economic fallout from a second wave of coronavirus infections.[BENGALURU] Australian shares eked out modest gains on Monday as gold stocks advanced on heightened Sino-US tensions and positive comments from a central bank official assuaged fears about the economic fallout from a second wave of coronavirus infections.

A senior Reserve Bank of Australia official said it was ready to buy government bonds to support the country's virus-hit economy if market conditions worsen considerably. Australia recorded its biggest spike in Covid-19 deaths on Sunday as a second wave of infection sweeps across Victoria, the country's most populous state next to New South Wales.

The S&P/ASX 200 index was up 0.2 per cent at 6,037.4, as of 1.05am GMT. The benchmark closed 1.16 per cent lower on Friday. However, broader sentiment was subdued as a diplomatic tussle between the two largest economies heated up after Beijing ordered the United States to shut its consulate in Chengdu late last week. The move came as a tit-for-tat response to Washington's closure of China's Houston consulate.

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