Current Prices: Gold USD 2564.25/oz (AUD 3973.51) And Silver USD 30.42/oz (AUD 47.16)
Gold Price were subdued after hitting a two-month low on Thursday, pressured by a strong dollar rally, though traders have not lost confidence in a December rate cut following the latest U.S. economic data. Spot gold fell by 0.33% trading near $US2,564.25 and silver however jumped by 0.45% trading near $US30.42 an ounce at the US close.
US share markets retreated from all-time highs on Thursday following a strong post-US election rally amid signs of buyer fatigue. US producer prices picked up in October. Applications for unemployment benefits fell. US government contractor stocks extended declines after Trump named Elon Musk and Vivek Ramaswamy to a spending-cut commission dubbed the Department of Government Efficiency, or DOGE. With less than an hour left of trade on Wall Street, the Dow Jones index was down 0.5%, the S&P 500 index dipped 0.5% and the Nasdaq index shed 0.6%.
US government bond yields were generally lower before Powell’s comments triggered a pop higher at the short end. Helping fuel a move in longer-dated US bonds, European sovereign debt rallied earlier amid speculation that the ECB could push through a super-sized rate cut next month. The US 10-year Treasury yield fell 2 points to 4.43%, but the US 2-year Treasury yield rose 6 points to 4.34% as bets for a Fed December cut unwound.
Currencies were firmer against the US dollar in European and US trade. The Aussie dollar lifted from US64.53 cents to US64.86 cents and was near US64.60 cents in late US trade.
In US economic data, initial jobless claims fell by 4k to 217k last week (survey: 220k). The PPI rose 0.2%/mth and 2.4%/yr in October (survey: +0.2%/mth). The core PPI lifted 0.3% in October (survey: +0.2%) with the annual pace lifting to 3.1% last month from 2.9% in September (survey: 3%).
Australian gold prices up by 0.17% (+6.83 per oz) to AUD 3973.51 at the US close.
Australian silver prices rose by 0.93% (+0.43 per oz) to AUD 47.16 at the US close.
The current Gold and Silver Ratio is 84.21
Current AUD/USD is 0.6454
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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