Current Prices: Gold USD 2655.21/oz (AUD 3876.92) And Silver USD 32/oz (AUD 46.75)
Gold Price held steady on Thursday as safe-haven demand from escalating tensions in the Middle East offset pressure from a stronger dollar after investors toned down expectations of another big interest-rate cut from the U.S. Federal Reserve. Spot gold fell by 0.10% trading near $US2,655.84 and silver however rose by 0.61% trading near $US32.02 an ounce at the US close.
US share markets fell in volatile trading on Thursday as investors remained cautious ahead of a crucial US employment report due on Friday and monitored potential escalations in Middle East hostilities. The Dow Jones index fell 185 points or 0.4%, the S&P 500 index dipped 0.2% and the Nasdaq index shed 7 points or 0.04%.
US government bond yields rose on Thursday after strong US services sector data supported forecasts for a smaller interest rate cut at the US Federal Reserve’s November meeting than in September. The US 10-year Treasury yield rose 6 points to 3.85% and the US 2-year Treasury yield lifted 7 points to 3.71%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US68.75 cents to US68.30 cents and was near US68.40 cents at the US close.
In US economic data, initial jobless claims rose by 6,000 last week to 225,000 (survey: 221,000). Factory orders dipped 0.2% in August (survey: +0.1%). The ISM services index rose from 51.5 in August to 54.9 in September (survey: 51.7), the highest level since February 2023. The S&P Global services index fell from 55.7 in August to 55.2 in September (survey: 55.4). Challenger job cuts increased from 75,891 in August to 78,821 in September (survey: 79,000).
Australian gold prices rose by 0.55% (+21.43 per oz) to AUD 3882.75 at the US close.
Australian silver prices up by 1.28% (+0.59 per oz) to AUD 46.82 at the US close.
The current Gold and Silver Ratio is 82.86
Current AUD/USD is 0.6849
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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