Current Prices: Gold USD 2345.46/oz (AUD 3537.74) And Silver USD 31.23/oz (AUD 47.12)
Gold Price edged higher on Thursday as the US dollar and US Treasury yields both slipped. Spot gold was up by 0.21% trading near $US 2342.69 an ounce at close and Silver however fell by 2.50% trading near $US31.14 an ounce.
US share markets fell on Thursday, led by declines in technology shares after a disappointing Salesforce forecast, while investors digested data showing the US economy had grown slower than previously expected in the March quarter. The Dow Jones index fell 330 points or 0.9%, the S&P 500 index slid 0.6% and the Nasdaq index shed 183.5 points or 1.1%.
US government bond yields fell after inflation gauges in the US first-quarter economic growth data were unexpectedly revised lower. The revisions rekindled expectations for at least one US FOMC interest rate cut this year. New York Fed President John Williams said he expects inflation to moderate further this year. The US 10-year Treasury yield fell 7 points to 4.55% and the US 2-year Treasury yield decreased 6 points to 4.93%.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar lifted from US65.93 cents to US66.46 cents and was near US66.30 cents at the US close.
In US economic data, the economy grew 1.3% in the March quarter(survey: 1.3%). Initial jobless claims rose by 3k last week to 219k(survey: 217k). Pending home sales fell 7.7% in April (survey: -1%). Wholesale inventories rose 0.2% in April (survey: +0.1%). The goods trade deficit widened by $US7.1bn to $US99.4bn in April.
Australian gold prices were down 0.13% (-$4.45 per oz) to AUD 3532.70 at the US close.
Australian silver prices fell 2.85% (-$1.38 per oz) to AUD 46.99 at the US close.
The current Gold and Silver Ratio is 75.17
Current AUD/USD is 0.66299
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
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Author: William Tao – Guardian Gold – Precious Metal Analyst
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