Current Prices: Gold USD 2628.47/oz (AUD 3899.98) And Silver USD 31.11/oz (AUD 46.18)
Gold Price gains on Thursday after traders added to bets that the Federal Reserve will deliver an interest-rate cut next month following the latest U.S. economic data. Spot gold rose by 0.86% trading near $US2629.93 and silver jumped by 2.23% trading near $US31.15 an ounce at the US close.
US share markets fell on Thursday after data showed hotter-than-expected US inflation and a slowdown in the US labour market. This amplified the debate on whether the US Federal Reserve will opt for a smaller interest rate cut next month or pause after a large 50 basis point reduction in September. The Dow Jones index fell by 58 points or 0.1%, the S&P 500 index dipped 0.2%, and the Nasdaq index shed 10 points or 0.1%.
US government bond yields were mixed on Thursday in volatile The US 10-year Treasury yield was down 1bp at4.065% but the US 2-year Treasury yield fell by 6 points to 3.96%. Chicago Fed President Austan Goolsbee said he sees “gradual” rate cuts over the next year-and-a-half, while the New York Fed’s John Williams said he still sees rate reductions ahead.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar slid from US67.41 cents to US67.12 cents and was near US67.40 cents at the US close.
In US economic data, the consumer price index (CPI) rose by 0.2% in September (survey: +0.1%). The annual growth rate eased from 2.5% to 2.4% (survey: 2.3%). The core CPI (ex-food & energy) lifted 0.3% in September (survey: +0.2%). Annual core inflation rose from 3.2% to 3.3% (survey: 3.2%). Initial jobless claims rose by 33,000 last week to 258,000(survey: 230,000).
Australian gold prices rose by 0.52% (+20.06 per oz) to AUD 3901.72 at the US close.
Australian silver prices up by 1.85% (+0.84 per oz) to AUD 46.23 at the US close.
The current Gold and Silver Ratio is 84.45
Current AUD/USD is 0.6740
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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