Current Prices: Gold USD 2747.98/oz (AUD 4111.46) And Silver USD 34.80/oz (AUD 52.08)
Gold Price hit an all-time peak on Tuesday as factors including safe-haven demand, spurred by U.S. election uncertainties and the Middle East war, combined with expectations of further monetary easing to amplify bullion’s surge. Spot gold rose by 1.07% trading near $US2748.77 and silver jumped 3.20% trading near $US34.84 an ounce at the US close.
US share markets were mixed on Tuesday, clawing back some losses from earlier in the day. Investors continued to evaluate earnings to assess the health of American companies. The Dow Jones index fell by 7 points, or less than 0.1%, after dropping as much as 213 points earlier in the session. The S&P 500 index dipped 0.1%, but the Nasdaq index added 33 points, or 0.2%.
In US government bond yields the US 10-year Treasury yield rose by 2 points to 4.21%after reaching 4.222%, highest since 26 July. The US 2-year Treasury yield inched up 1 point to 4.03%. Markets are pricing in an 89.6% chance for a cut of 25 basis points at the Fed’s November meeting, with a 10.4% chance of the central bank holding rates steady, according to CME’s FedWatch Tool.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US66.94 cents to US66.75 cents and was near US66.80 cents at the US close.
In US economic data, the Richmond Fed manufacturing index rose from -21 in September to -14 in October (survey: -17).
Australian gold prices rose by 0.71% (+29.17 per oz) to AUD 4113.78 at the US close.
Australian silver prices up by 2.82% (+1.42 per oz) to AUD 52.16 at the US close.
The current Gold and Silver Ratio is 78.89
Current AUD/USD is 0.6683
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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