Buoyant precious metal prices are set to play a major role on domestic financial markets today. Leading the pack is gold which cruised to a new all-time high of $1120.30 in New York last night, and it is holding at this level in Asian trade this morning. Analysts say that the weaker US dollar and firmer oil prices underpinned gold.

Platinum also benefited from the rally in metal prices. The firmer gold price and weaker greenback underpinned the rand.

On the capital market, the yield on the R157 government bond ended yesterday at 8.29%.

US and European markets

In New York, blue chips and the broader market closed at 13-month highs yesterday as an upbeat forecast from a top homebuilder and data from China pointed to a strengthening global economy. The Dow's advance was its sixth straight as comments from top Federal Reserve officials suggesting low interest rates will stay for some time added to the positive tone.

Data before the open showed Chinese factory output rose to a 19-month high in October. The Dow Jones gained 44 points to 10 291. The Nasdaq Composite climbed 16 points to 2 167. The S & P 500 was up six points at 1 099.

Banking stocks supported European markets. London's FTSE 100 closed 36 points up at 5 267. In Paris, the CAC 40 climbed 29 points to 3 814. Frankfurt's DAX rose 55 points or almost 1% to 5 668.

Asian markets

Markets in the Asia-Pacific region are mixed this morning. In Tokyo, the Nikkei gained 44 points to 9 915. In Hong Kong, the Hang Seng dipped 48 points to 22 580. Sydney's ASX was 20 points up at 4 777.

Platinum is trading at $1378.50 and the spot price of Brent crude oil is buoyant at $77.24 a barrel.