Current Prices: Gold USD 2734.76/oz (AUD 4119.63) And Silver USD 33.64/oz (AUD 50.69)
Gold Price rose on Thursday to trade near record highs as safe-haven demand from persistent geopolitical concerns bolstered prices. Spot gold was up by 0.75% trading near $US2735.74 and silver were almost unchanged trading near $US33.65 an ounce at the US close.
US share markets were mixed on Thursday with traders parsing a slew of US corporate earnings. Shares of Tesla soared on strong earnings and forecasts. The Dow fell 141 points or 0.3% -a fourth straight decline -but the S&P 500 index rose 0.2% and the Nasdaq index added 139 points or 0.8%.
US government bond yields fell on Thursday. Data showed that the number of Americans filing new applications for unemployment aid expectedly fell last week, but more people were collecting benefits in mid-October, which raises the risk of a rise in the US jobless rate this month. The US 10-year Treasury yield fell by 3 points to 4.21% and the US 2-year Treasury yield dipped 1 point to 4.08%.
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, initial jobless claims fell by 15,000 to 227,000 last week (survey: 242,000). The S&P Global manufacturing PMI rose from 47.3 in September to 47.8 in October (survey: 47.5). The services PMI lifted from 55.2 in September to 55.3 in October (survey: 55.0). New home sales rose 4.1% in September to a 738,000 annualised rate (survey: 720,000). The Kansas City Fed manufacturing activity index rose from -8 in September to -4 in October (survey: -7).
Australian gold prices rose by 0.66% (+27.07 per oz) to AUD 4120.51 at the US close.
Australian silver prices was down by 0.16% (-0.08 per oz) to AUD 50.71 at the US close.
The current Gold and Silver Ratio is 81.24
Current AUD/USD is 0.6638
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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