"It's been a remarkable fall in the bond yield, both locally and globally," said Julian Beaumont, portfolio manager at Bennelong Australian Equity partners. "That's made everyone look for yield all over again." The failure for an election decision to be reached by market close meant bank stocks remained firmly in the red. The possibility of a Royal Commission into the banks and the likelihood they will need to hold more capital has left investors rushing for the safety of gold stocks. The price of gold lifted to a two-year high on Wednesday morning as global uncertainty swept through foreign markets. Australian gold producers, such as Newcrest, Evolution, Regis Resources and Northern Star all enjoyed a lift throughout the afternoon, keeping the broader bourse in check. In other equities news, Virgin Australia flagged a $450 million impairment to its full-year earnings as part of a wider airline restructuring. Shares traded in a tight range throughout the day, closing up 2.5 per cent to 20.5¢ Mid-cap market darling Domino's shares took a further hit after news first broke on Tuesday the pizza company could face a 24 per cent hit to its Australian earnings if it is forced to start paying penalty rates under a new enterprise agreement. The stock closed down 2.8 per cent to $64.55.

Gold surge Gold reached its highest level in more than two years as investors' risk off sentiment sent them pouring into safe haven assets. The precious metal jumped as much as 1 per cent to $US1370.62 an ounce, the highest level since March 2014. Continued political turmoil in the United Kingdom and the possibility of Brexit marring global growth plans weighed on investors minds. Silver also surged as much as 2.4 per cent to $US20.41 an ounce. Australian dollar The local currency slid throughout most of Tuesday as investors turned to the US dollar as a safe haven asset. A stronger greenback doesn't bode well for commodity prices, another weight on the Australian dollar, which was fetching US74.28¢ at market close, almost a full cent down from its high prior to the Reserve Bank of Australia's rate hold announcement yesterday. Currency watchers also blame yesterday's weaker trade balance figures and domestic political uncertainty the the Aussie's slide.

Oil Crude tumbled to a one-week-low as the US dollar continued to strengthen and markets digest ample stockpiles threatening the rebalancing of the oil market. Crude oil has soared more than 80 per cent since its 12-year lows in February, thanks to supply disruptions and falling US output. Most recently, Nigeria has increased its supply output, despite continued militant attacks on its pipelines. Chinese tourists In good news for tourist and services businesses, Chinese and Hong Kong visitors rose 22 per cent over the year, where migration has sunk to nine year lows according to research by CommBank. Visitors from greater China have passed those of New Zealand. In May, tourists from greater China totalled 120,700 (mainland China 100,800, Hong Kong, 19,900), ahead of New Zealand (109,900). " Tourism has potential to join housing as a key driver of the Australian economy over the coming year, especially if the Aussie dollar falls further," said Savanth Sebastian, economist at Commbank.

Stock Watch: ASX Global financial market uncertainty is good for clearing house ASX's business, says Credit Suisse, which raised its target price to $45 on Wednesday. While the bank ultimately remains neutral on the stock, ASX's defensive earnings during the current global jitters allow the firm to conduct high volumes of trades and provide speculation activity for investors. This active interest rate speculation has supported the ASX24 business while the last two months have seen solid business in the OTC clearing arm. Daily average volumes have increased 11 per cent year-on-year, but a slowdown in corporate activity has put a dampener on the ASX business. Capital raisings contracted in the first half of this year, placing pressure on ASX's margins, however Credit Suisse points out the margin is already very low.