Reserve Bank of Australia Governor Bullock said the central bank needs to reduce excess demand and that a recession is not its central expectation.

Shanghai Gold Exchange Gold T+D closed down 1.43% at 894.29 yuan/gram in the Sept. 28 evening session; Silver T+D closed down 1.48% at 14,893.0 yuan/kg.

Since May Australian house prices have fallen markedly, though analysts still call it an orderly adjustment; only a minority of mortgage borrowers are in negative equity. Robust employment and tight housing supply have provided support. Institutions warn that two further RBA hikes before year-end — taking the official cash rate to a near 20-year high — could push the correction into a pressure-driven sell-off. Markets broadly expect the RBA to announce a fourth hike today at 0430 GMT (Beijing 12:30).