Current Prices: Gold USD 2677.32/oz (AUD 4322.45) And Silver USD 29.88/oz (AUD 48.27)
Gold prices extended gains on Tuesday after U.S. inflation data came in slightly weaker than expected, giving investors faint hope that the Federal Reserve would continue on its rate-easing path this year, sending the dollar lower. Spot gold rose by 0.55%, trading near $US2677.32, and silver increased by 0.91% trading near $US29.88 an ounce at the US close.
US sharemarkets climbed on Tuesday. A gauge of “Magnificent Seven” mega caps slipped 0.2%. With around an hour left of trade on Wall Street, the Dow Jones index was up by 212 points or 0.5%, the S&P 500 index gained 0.2% and the Nasdaq index added 16 points or 0.1%.
In US government bond yields the US 10-year Treasury yield fell 1 point to 4.79%, after hitting 4.805%, the highest since November 2023. The US 2-year Treasury yield slid 4 points to 4.36%.
Currencies were mixed against the US dollar in European and US trade.The Aussie dollar fell from US62.05 cents to US61.66 cents and was near US61.90 cents in late US trade.
In US economic data, the producer price index (PPI) rose 0.2% in December (survey: +0.4%). The annual growth rate lifted from 3.0% to 3.3% (survey: 3.5%). The core PPI was flat in December (survey: +0.3%) with the annual pace steady at 3.5% (survey: 3.8%). The NFIB small business optimism index rose from 101.7 in November to 105.1 in December (survey: 102.1).
Australian gold prices up by 0.27% (+11.60 per oz) to AUD 4322.45 at the US close.
Australian silver prices rose by 0.69% (+0.33 per oz) to AUD 48.27 at the US close.
The current Gold and Silver Ratio is 89.51
Current AUD/USD is 0.6194
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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