Current Prices: Gold USD 2496.38/oz (AUD 3715.57) And Silver USD 28.26/oz (AUD 42.08)
Gold Price reversed course to gain on Wednesday, helped by a softer dollar and lower yields after falling U.S. job openings signalled a possibility of an over-sized rate cut from the U.S. Federal Reserve at its policy meeting this month. Spot gold was by 0.1% trading near $US2.495.33 and silver also increased by 0.79% trading near $US28.25 an ounce.
US sharemarkets were mixed in choppy trade with megacaps leading the falls. The Dow Jones index rose by 38 points or 0.1%, but the S&P 500 index fell 0.2% and the Nasdaq index shed 52 points or 0.3%.
US government bond yields fell on Wednesday and the closely watched yield curve between two-year and 10-year notes turned positive briefly. Raphael Bostic, Atlanta Fed President, said the US central bank must not keep interest rates too high for much longer or it risks causing too much harm to employment. The US 10-year Treasury yield fell by 9 points to 3.76%, the 2-year Treasury yield fell 12 points to 3.77%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US66.95 cents to US67.47 cents and was near US67.25 cents at the US close.
In US economic data, personal income lifted 0.3% in July, personal spending was up 0.5% in July. The core PCE price index rose 0.2% in July (survey: +0.2%) and was 2.6% higher on a year ago (survey: 2.7%, prior: 2.6%).
Australian gold prices fell by 0.10% (-3.75 per oz) to AUD 3710.79 at the US close.
Australian silver prices were up 0.59% (+0.59 per oz) to AUD 42.03 at the US close.
The current Gold and Silver Ratio is 88.28
Current AUD/USD is 0.6719
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
By: William Tao Guardian Gold Precious Metal Analyst
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