Current Prices: Gold USD 2357.69/oz (AUD 3511.21) And Silver USD 30.52/oz (AUD 45.46)
Gold Price rose to a near two-week high on Wednesday, driven by increased bets for a September interest rate cut by the Federal Reserve after recent U.S. data suggested that the labour market was softening. Spot gold rose by 1.16% trading near $US 2356 an ounce at close and silver jumped by 3.25% trading near $US30.47 an ounce.
In US share markets in a holiday-shortened session, the Dow Jones index fell 24 points or 0.1%, the S&P 500 index rose 0.5% or 28 points and the Nasdaq index gained 160 points or 0.9%, the latter two indices logging record highs in the process.
US government bonds fell in yield and rose in price on Wednesday. The US 10-year Treasury yield fell 7 points to 4.36% and the US 2-year Treasury yield was unchanged at 4.71%.
Currencies rose against the US dollar as the Greenback fell to its lowest levels in more than three weeks in response to lower bond yields. The Aussie dollar surged from $US0.6670 cents to $US0.6734 cents and was near $US0.6705 cents at the US close.
US economic data was softer. ADP Employment increased by 150,000 in June, less than the 165,000 that was forecast by economists, and down from a revised 157,000 in May. Initial Jobless Claims rose 4,000 to a 10-month high of 238,000 in the past week (survey: 235,000). The ISM Services PMI fell to 48.8 in June from 53.8 in May (survey:52.7) the largest contraction since April 2020.
Australian gold prices were up 0.56% (+19.62 per oz) to AUD 3513.77 at the US close.
Australian silver prices increased by 2.71% (+$1.20 per oz) to AUD 45.48 at the US close.
The current Gold and Silver Ratio is 77.27
Current AUD/USD is 0.67153
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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