Current Prices: Gold USD 2373/oz (AUD 3622.55) and Silver USD 27.91/oz (AUD 42.61)
Gold Prices dived lower today during the Asian trading session, back to the $2,373 level. Some profit taking likely continuing after the recent rally of the past quarter. We also see China in somewhat of a sell everything moment, with property market woes and share markets hitting five month lows. Asian stocks fell sharply on Thursday, tracking an overnight rout on Wall Street as weak earnings from major technology companies drove outsized losses in the sector.
US equities saw big falls across the board overnight as a soft start to mega cap earnings season caused a market rethink on the recent AI frenzy. The tech-heavy Nasdaq fell by 3.5%. Bond yields were lower in the short end as the market continues to increase in confidence that interest rate cuts from the Fed are near. The Bank of Canada cut interest rates by 25 bp to 4.5%, a move broadly expected by the market. Governor Tiff Macklem said that is reasonable to expect further interest rate cuts but that the timing will depend on the data. Expect at least one more interest rate cut from the BoC this year.
Shorter-dated US government bond yields fell on Wednesday but rose on longer durations as investors digested a flurry of economic data to gauge the health of the economy.
Currencies were mixed against the US dollar in European and US trade. The Euro rose from $US1.0824 to $US1.0865 and was near $US1.0840 at the US close. The Aussie dollar fell from US66.08 cents to US65.77 cents
Australian gold prices were down -0.68% (-$25.00 per oz) this morning
Australian silver prices were down -3.06% (-$1.35 per oz) today
The current Gold: Silver Ratio has spiked to 85:1
Current AUD/USD is 0.655
Gold (AUD) Chart
Silver (AUD) Chart
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