Market Wrap: Post-election relief buoys the ASX as gold looks set to hit bottom

ASX200 stands a good chance of a relief rally as money managers put cash to work. Photo: TND

US stockmarkets fell for a seventh consecutive week on concerns about interest rate hikes, cost pressures and supply disruptions, making this year the worst start to the year for US equities since the 1970s.

The ASX200 closed the week 1 per cent higher at 7145, supported by upbeat RBA meeting minutes, resilient commodity prices and a fall in the jobless rate to the lowest level since 1974.