Current Prices: Gold USD 2753.64/oz (AUD 4381.71) And Silver USD 30.42/oz (AUD 48.43)
Gold prices firmed on Thursday as the dollar softened following U.S. President Donald Trump’s call for lower interest rates, with market attention remaining focused on the broader implications of his policies. Spot gold was flat trading near $US2754.52, and silver was down by 1.29% trading near $US30.42 an ounce at the US close.
US share markets were mixed on Thursday. The benchmark S&P 500 index hit a record high after US President Trump said he will push for lower interest rates and cheaper oil prices. With around an hour left of trade on Wall Street, the Dow was up by 338 points or 0.8%, the S&P 500 index gained 0.2% but the Nasdaq index fell by 44 points or 0.2%.
US government bond yields advanced, rising for a second straight session, as investors continued to sell government debt amid continued policy uncertainty from the new US administration, especially on tariffs, a crucial issue for the bond market because of inflationary implications. The US 10-year Treasury yield rose by 4 points to 4.64%. The US 2-year Treasury yield fell by 2 points to 4.28%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US62.54 cents to US62.99 cents and was near US62.90 cents in late US trade.
In US economic data, initial jobless claims rose by 6,000 last week to 223,000 (survey: 220,000). The Kansas City Fed manufacturing activity index was unchanged at -5 in January (survey: 0).
Australian gold prices fell by 0.24% (-10.40 per oz) to AUD 4393.32 at the US close.
Australian silver prices fell by 1.40% (-0.68 per oz) to AUD 48.43 at the US close.
The current Gold and Silver Ratio is 90.43
Current AUD/USD is 0.6284
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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