Yesterday, the S&P/ASX 200 gained 79 points (1.73%), closing to 4,686.80. The Australian Bureau of Statistics releases the labour data for September, and it’s expected the unemployment rate will remain at 5.1%

The Dow Jones Industrial Average managed to hold onto Tuesday’s gains, closing 22 points higher to 10,967.65. But, trading volume was lower than normal. The private sector in the U.S. lost 39,000 jobs last month, which is a sign the labour market is slowing. This could be another reason the Fed are looking for to get the printing presses ready.

However an America economist said, ‘We remain firmly of the view that a proper rise in payrolls cannot happen as long as small businesses, which employ half the work force, remain credit constrained.’

The FTSE got a few points closer to the 5,700 mark overnight, closing 45 points higher to 5,681.39. The UK’s central bank, Bank of England (BoE) meet tomorrow, however at this stage a rate change or further quantitative easing isn’t expected.

The Nikkei added 172 points, ending the day at 9,691.43.

Yet again, gold reached another record high yesterday of USD$1,349.80. The yellow metal has hit all new high in eight of the past ten trading sessions.

The price of spot gold in Australian dollars is $1,379.57, while in US dollars it’s $1,347.24. The price of silver in Australian dollars is $23.68 and in US dollars it’s $23.12.

The disappointing employment data in the U.S. helped the Aussie dollar remain above 97 cents.

The Aussie dollar versus US dollar is AUDUSD 0.9769 and against the Japanese Yen it’s AUDJPY 81.00.

Oil declined after a surprising drop in stockpiles, and the weakening the greenback convinced traders to buy up on commodities. Crude Oil closed at USD$83.23.

By Shae Smith Money Morning Aus.

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