Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
After a shocking -0.5 percent fall in Q3 gross domestic product (GDP), Australia's Q4 GDP rebounded a strong 1.1 percent q/q, beating forecasts for a 0.7 percent rise. Australia thus avoided the country’s first technical recession in more than two decades.
Data released by the national statistics bureau reported Wednesday that in annualized terms, GDP surged 2.4 percent, following a 1.8 percent year-over-year gain in the third quarter. Household final consumption expenditure contributed 0.5 percentage point to GDP, while public capital formation added 0.3 percentage point.
Growth was recorded in 15 out of 20 industries. Strongest growth was observed in mining, agriculture, forestry and fishing, and professional scientific and technical services, each industry contributed 0.2 percentage points to GDP growth.
The Reserve Bank of Australia voted to keep monetary policy unchanged at the February meeting amid signs of improving inflation. The RBA noted that contraction in Q3 was due to “temporary factors,” such as disruptions to the coal supply and bad weather. Policymakers believe the economy is on course for a stronger recovery in 2017.
