Current Prices: Gold USD 2635.67/oz (AUD 3811) And Silver USD 31.19/oz (AUD 45.11)
Gold Price eased on Monday, taking a breather after a historic rally driven by U.S. monetary easing and heightened Middle East tensions, which put it on course for its best quarter since 2020 rising over 13%. On the last day of the month trading spot gold fell by 0.88% trading near $US2,634.55 and silver dropped by 1.49% trading near $US31.14 an ounce at the US close.
US sharemarkets ended with slight gains on Monday after briefly falling on Powell’s comments. The Dow Jones index rose 17 points or 0.04%, the S&P 500 index gained 0.4% to a record close and the Nasdaq index added 70 points or 0.4%. In September, the Dow rose 1.9%, the S&P 500 added 2% and the Nasdaq gained 2.7%. In the September quarter, the Dow jumped 8.2% and the S&P 500 lifted 5.5%, posting its fourth consecutive quarter of gains -the longest stretch since 2021. The tech-heavy Nasdaq added 2.6% in the quarter.
US government bond yields rose on Monday after US FedChair Jerome Powell signalled he was in no hurry to cut interest rates. Yields lifted after Powell said the central bank didn’t have the data yet to make a call on the November meeting. The US 10-year Treasury yield rose by 3 points to 3.78% and the US 2-year Treasury yield jumped 8 points to 3.64%. Traders saw a 36.7% probability of a 50 basis point cut in November, down from 53.3% on Friday, according to the latest reading on CME Group’s FedWatch tool.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US69.40 cents to US69.00 cents and was near US69.10 cents at the US close.
In US economic data, the Dallas Fed manufacturing activity index rose from -9.7 to -9.0 in September (survey: -10.8). The Chicago PMI lifted from 46.1 in August to 46.6 in September (survey: 46.0).
Australian gold prices fell by 1.07% (-41.19 per oz) to AUD 3810.59 at the US close.
Australian silver prices down by 1.65% (-0.76 per oz) to AUD 45.06 at the US close.
The current Gold and Silver Ratio is 84.45
Current AUD/USD is 0.6916
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Return
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
By: William Tao Guardian Gold Precious Metal Analyst
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