After being slightly down for most of the session, the S&P/ASX 200 gained just 0.07% or 3.2 points to 4806.4.

US jobless data exceeded expectations, pushing Wall Street higher, which then flowed onto Asian stocks.

“The employment data showed a better-than-expected improvement and we got confirmation of upward momentum in the US economy,”Bloomberg quoted Ichiyoshi Investment Management Co’s Mitsushige Akino as saying.

“It’s possible turmoil in the Middle East and north Africa will spread to Saudi Arabia and Iran, so uncertainty still remains.”

Meanwhile, Dow Jones Newswires reported that economist Nouriel Roubini, also known as Dr Doom, has warned that further rises in oil prices to more than $US140 per barrel could spark a double-dip recession.

Oil prices remain higher than $100/bbl.

Stocks in Tokyo, Hong Kong and Shanghai were all up by almost 1% each when the Australian market closed.

Comex gold is still hovering near record highs after gaining a further $6.50 overnight to $1437.20 per ounce.

Major miner Newcrest Mining fell 0.5% or A18c to $38.23, while OceanaGold Corporation dropped 3.8% or 10c to $2.54.

Though the market was slow to respond yesterday, shares in dual-listed PMI Gold Corporation soared today on news of an intersection of 80 metres at 7.49 grams per tonne gold from its Obotan project in Ghana.

The news sent the company’s Canadian shares up by 28%, while its Australian shares closed 20.4% or 14.5c up to 85.5c.

BHP Billiton had a good session, adding 1.1% or 50c to $46.55, while Rio Tinto could only manage an 8c gain to $84.20.

After falling 2% yesterday, Fortescue Metals Group added 0.9% or 6c to $6.48.

Finally, Chi-X, a competitor to the Australian Securities Exchange, is likely to kick off its own exchange by November after the Australian Securities and Investments Commission released a formal timetable today.