Current Prices: Gold USD 2316.29/oz (AUD 3505.33) And Silver USD 29.32/oz (AUD 44.37)
Gold Price reversed an earlier drop and were last modestly higher as investors kept their focus on the Fed’s economic outlook. Spot gold rose by 0.26% trading near $US 2316.57 an ounce at close and silver fell by 1.55% trading near $US29.26 an ounce.
US share markets were mixed on Tuesday. The S&P 500 and Nasdaq indexes erased earlier losses after a solid $US39 billion US Treasury sale triggered speculation that Wednesday’s US inflation reading will help make the case for the US Federal Reserve to cut rates this year. The Dow Jones index fell 121 points or 0.3%. But the S&P 500 index gained 0.3% and the Nasdaq index rose 151 points or 0.9%, both closing at fresh record highs.
US government bond yields declined on Tuesday after an auction of 10-year notes drew unusually strong demand. Investors also awaited key inflation data and a policy statement from the US Federal Reserve. The US Treasury sold $US39 billion of 10-year notes at a yield of 4.438% into strong demand. The US 10-year Treasury yield fell 7 points to 4.40%. The US 2-year Treasury yield slid 5 points to 4.83%.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar rose from US65.88 cents to US66.13 cents and was near US66.05 cents at the US close.
In US economic data, the NFIB small business optimism index rose from 89.7 in April to 90.5 in May (survey: 89.7).
Australian gold prices were up 0.33% (+$11.67 per oz) to AUD 3507.36 at the US close.
Australian silver prices fell 1.49% (-$0.66 per oz) to AUD 44.33 at the US close.
The current Gold and Silver Ratio is 79.06
Current AUD/USD is 0.66079
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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