Current Prices: Gold USD 2649.78/oz (AUD 3940.73) And Silver USD 31.26/oz (AUD 46.50)
Gold Price eased on Monday as broad economic stimulus measures in China, the biggest bullion consumer, failed to invoke investor confidence and a U.S. dollar rally to two-month highs capped upside momentum. Spot gold fell by 0.31% trading near $US2648.69 and silver dropped 1.10% trading near $US31.17 an ounce at the US close.
US sharemarkets rose on Monday. The Dow Jones index rose by 201 points or 0.5% for its first close above 43,000 points. The S&P 500 index gained 0.8% and the Nasdaq index added 160 points or 0.9%.
The US government bond market was closed on Monday for the Columbus Day holiday. On Friday, the US 10-year Treasury yield was steady near 4.10% but the US 2-year Treasury yield fell by 5 points to 3.95%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar slid from US67.43 cents to US67.02 cents and was near US67.20 cents at the US close.
Investors geared up for a week packed with corporate earnings releases and key US economic data. Minneapolis Fed President Neel Kashkari said he sees modest interest rate cuts ahead as inflation hovers near the central bank’s 2% target. Citing recent data showing an uptick in inflation and a stronger US economy and labour market than previously thought, Fed Governor Christopher Waller called for “more caution” on interest rate cuts ahead.
Australian gold prices up by 0.05% (+2.04 per oz) to AUD 3938.14 at the US close.
Australian silver prices fell by 0.71% (-0.33 per oz) to AUD 46.38 at the US close.
The current Gold and Silver Ratio is 84.69
Current AUD/USD is 0.6724
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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