Current Prices: Gold USD 2714.27/oz (AUD 4369.90) And Silver USD 30.80/oz (AUD 49.60)
Gold prices rose to a more-than-one-month high on Thursday after the latest U.S. economic data pressured the Treasury yields further, following a soft core inflation reading this week that increased bets for a more dovish Federal Reserve policy. Spot gold rose by 0.65%, trading near $US2714.27, and silver increased by 0.43% trading near $US30.80 an ounce at the US close.
US share markets dipped on Thursday as traders assessed the latest batch of US economic data to gauge the outlook for interest rate cuts this year. With around an hour left of trade on Wall Street, the Dow Jones index was down by 63 points or 0.2%, the S&P 500 index dipped 0.1% and the Nasdaq index shed 88.5 points or 0.5%.
US government bond yields slipped on Thursday following comments from Fed Governor Waller who said three or four interest rate cuts this year are still possible if US economic data weakens further. The US 10-year Treasury yield fell 5 points to 4.60% and the US 2-year Treasury yield dipped 3 points to 4.24%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US61.90 cents to US62.28 cents and was near US62.10 cents in late US trade.
In US economic data, retail sales rose 0.4% in December (survey: +0.6%). Initial jobless claims lifted 14,000 last week to 217,000 (survey: 210,000). Import prices rose 0.1% in December (survey: -0.1%) with export prices up 0.3% (survey: +0.1%). The Philadelphia Fed manufacturing index rose from -10.9 to 44.3 in January (survey: -5). The NAHB housing market index rose from 46 to 47 in January (survey: 45).
Australian gold prices up by 0.9% (+39.15 per oz) to AUD 4369.90 at the US close.
Australian silver prices rose by 0.71% (+0.35 per oz) to AUD 49.60 at the US close.
The current Gold and Silver Ratio is 88.07
Current AUD/USD is 0.6209
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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