ASX Market Close: Gold hits record high ahead of US election | October 31, 2024

The ASX200 closed down 0.25% at 8,160 points.

Gold climbed to a record high as investors engaged in a flight to safety. Demand for goal has soared in the week before the U.S. election and reached US$2790 per ounce.

IT was the biggest gainer, up 0.52%, followed by Discretionary, up 0.17%.

Staples finished the worst performing sector, down 1.65%, followed by Utilities, down 0.9%, and Materials, down 0.7%.

In the Green

Paradigm Pharmaceuticals (ASX:PAR) closed up 5% after the company reported advancements in its Phase 3 clinical trial preparations for the treatment of knee osteoarthritis with its product.

Paradigm Pharmaceuticals closed at 21 cents.

JB Hi-Fi (ASX:JBH) closed up 5.3% after releasing a sales update. The company reported total sales growth of 4.9% in Australia and 19.6% for New Zealand.

JB Hi Fi closed at $82.03.

Trek Metals (ASX:TKM) closed up 21.43% after intersecting broad zones of high-grade gold mineralisation in its maiden drilling program at the 100%-owned Christmas Creek Gold and Rare Earth Element Project in the Kimberley region of WA.

Trek Metals finished the session at 3.4 cents.

In the Red

Woodside Energy (ASX:WDS) closed down 0.63% after completing the sale of a 15% stake in its controversial Scarborough project to Japan’s JERA for US$1.4B.

Woodside called it a day at $23.78.

AGL Energy (ASX:AGL) closed down 6.01% on news of a broker downgrade. Barrenjoey cut its rating on the energy giant to underweight. That’s the equivalent of a sell rating and the broker also trimmed its earnings estimates and lowered its price target to $11.20 from $13.80.

AGL Energy closed at $10.48.

Woolworths (ASX:WOW) closed down 2.76%, further extending losses after the release of its quarterlies yesterday. Goldman Sachs have retained a buy rating on the company, but reduced its price target to $36.20.

Woolworths finished the day at $29.96.