China’s Gold Buying Spree
The recent bull market in gold left many analysts puzzled about the primary source driving the buying frenzy. However, it has become abundantly clear that the majority of the demand originates from China. A recent report by The World Gold Council highlighted the following key points: The Shanghai Gold Benchmark PM (SHAUPM) in RMB jumped by 10% in March and the LBMA Gold Price AM in USD rose by 8%. The SHAUPM ended Q1 with a 10% gain, outperforming major…
Gold & Silver Price AUD – Quick Commentary 24/04/2024
Current Prices: Gold USD 2323.62/oz (AUD 3581.76) And Silver USD 27.30/oz (AUD 42.08) Gold prices steadied on Tuesday after hitting a more than two-week low on diminishing fears about an escalation of tensions in the Middle East, with investors awaiting key economic data for further clarity on the timeline of U.S. interest rate cuts. Spot gold fell by 0.22% trading near $US 2321.80 an ounce at the US close and silver rose by 0.42% trading near $US 27.28 an ounce….
Gold & Silver Price AUD – Quick Commentary 23/04/2024
Current Prices: Gold USD 2331.11/oz (AUD 3615.21) And Silver USD 27.27/oz (AUD 42.28) Gold prices dropped more than 2% to a one-week low on Monday as worries over a wider Middle East conflict subsided. Spot gold fell by 2.71% trading near $US 2326.96 an ounce at the US close and silver dropped by a massive 5.17% trading near $US 27.17 an ounce. In US sharemarkets the Dow Jones index rose by 254 points or 0.7%, the S&P 500 index gained…
Gold & Silver Price AUD – Quick Commentary 22/04/2024
Current Prices: Gold USD 2387.03/oz (AUD 3715.26) And Silver USD 28.59/oz (AUD 44.50) Gold prices on track for weekly rise as Middle East risks loom. Spot gold rose by 0.54% trading near $US 2391.69 an ounce at the US close and silver rose by 1.53% trading near $US 28.65 an ounce. For the week gold is up 2.03% and silver is also 2.77% higher. US share markets were mixed on Friday. The Dow Jones index rose by 211 points or…
Gold & Silver Price AUD – Quick Commentary 18/04/2024
Current Prices: Gold USD 2367.27/oz (AUD 3676.21) And Silver USD 28.22/oz (AUD 43.84) Gold prices retreat as dimming rate cut expectations overshadow safe haven demand. Spot gold fell 0.91% trading near $US 2361 an ounce at the US close and silver rose by 0.38% trading near $US 28.20 an ounce. US share markets eased modestly on Wednesday as investors debated the likely timing of future rate cuts. Technology shares dragged on the broader market while utilities were higher. The Dow…
Gold & Silver Price AUD – Quick Commentary 17/04/2024
Current Prices: Gold USD 2383.70/oz (AUD 3718.50) And Silver USD 28.18/oz (AUD 43.95) Gold prices hold steady as geopolitical risks counter rate cut concerns. Spot gold was flat trading near $US 2382.54 an ounce at the US close and silver fell by 2.63% trading near $US 28 an ounce. In US share markets the Dow Jones index rose by 64 points or 0.2%, but the S&P 500 index dipped 0.2% and the Nasdaq index shed 20 points or 0.1%. US…
Gold & Silver Price AUD – Quick Commentary 16/04/2024
Current Prices: Gold USD 2381/oz (AUD 3697.19) And Silver USD 28.88/oz (AUD 44.84) Gold prices climbed on Monday due to safe-haven demand spurred by Middle East tensions. Spot gold rose by 1.67% trading near $US 2383.15 an ounce at the US close and silver jumped by 3.46% trading near $US 28.84 an ounce. US share markets fell on Monday. The Dow Jones index fell by 248 points or 0.7%, relinquishing an earlier advance of more than 1%. The S&P 500…
Gold & Silver Price AUD – Quick Commentary 12/04/2024
Current Prices: Gold USD 2376.71/oz (AUD 3633.66) And Silver USD 28.49/oz (AUD 43.56) Gold prices edge higher after softer US PPI data. Spot gold rose by 1.67% trading near $US 2372.14 an ounce at the US close and silver jumped by 1.82% trading near $US 28.42 an ounce. US share markets closed mostly higher on Thursday, rebounding from a steep sell-off, as softer-than-expected US producer prices data rekindled hopes that inflation remains in a cooling trend. The Dow Jones index…
Gold & Silver Price AUD – Quick Commentary 11/04/2024
Current Prices: Gold USD 2336.66/oz (AUD 3588.16) And Silver USD 27.92/oz (AUD 42.88) Gold prices slipped from record-high levels on Wednesday after hot US inflation data. Spot gold fell by 0.80% trading near $US 2333.26 an ounce at the US close and silver fell by 0.78% trading near $US 27.90 an ounce. US share markets tumbled on Wednesday after the hotter-than-expected US inflation data. Equities were further pressured by surging benchmark US 10-year Treasury yields, which breached 4.5% to touch…
Gold & Silver Price AUD – Quick Commentary 10/04/2024
Current Prices: Gold USD 2289.34/oz (AUD 3477.04) And Silver USD 26.85/oz (AUD 40.78) Gold prices extended their record run on Tuesday fuelled by buying momentum and geopolitical risks, while the spotlight shifted to the Federal Reserve’s policy meeting minutes and U.S. inflation data for insights into the U.S. rate cut timeline. Spot gold rose by 0.58% trading near $US 2552.10 an ounce at the US close and silver was up by 1.03% trading near $US 28.12 an ounce. US share…