Current Prices: Gold USD 2330.26/oz (AUD 3494.61) And Silver USD 29.59/oz (AUD 44.38)
Gold Price Gold prices edged lower on Tuesday as Treasury yields held firm, while investors digested comments from Federal Reserve Chair Jerome Powell and looked forward to U.S. jobs data due later this week for more signals on U.S. interest rate cuts. Spot gold was down by 0.10% trading near $US 2329 an ounce at close and silver jumped by 0.30% trading near $US29.51 an ounce.
In US share markets the Dow Jones index rose 162 points or 0.4%, the S&P 500 index improved 34 points or 0.6% and the Nasdaq index led the gains closing with a rise of 149 points or 0.8%.
US government bond yields drifted higher but moderated over the latter part of the session. The US 10-year Treasury yield fell 4 points to 4.44% and the US 2-year Treasury yield fell 4 points to 4.75%.
Currencies generally firmed against the US dollar in US trade. The Aussie dollar lifted from US66.48 cents to US66.67 cents and was near US66.65 cents at the US close.
In US economic data, the JOLTS labour survey showed there were 8.14 million job openings in May, compared to 8.05 million in the prior month, and ahead of the 7.94 million that had been forecast. In other news, Powell told a conference in Portugal on Tuesday that the Fed needs more data before cutting rates to ensure recent weaker inflation readings properly reflect underlying price pressures.
Australian gold prices were down 0.22% (-7.56 per oz) to AUD 3494.15 at the US close.
Australian silver prices increased by 0.13% (+$0.06 per oz) to AUD 44.28 at the US close.
The current Gold and Silver Ratio is 78.77
Current AUD/USD is 0.66682 (up 0.2%)
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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