Current Prices: Gold USD 2625.38/oz (AUD 4036.80) And Silver USD 30.29/oz (AUD 46.59)
Gold Prices sold off on buying exhaustion after last week’s rally. Scott Bessent’s Treasury Secretary appointment further removed some of the risk premium. Even more so, reports that Israel and Lebanon have agreed to terms of an agreement to end the Israel and Hezbollah conflict have pushed gold prices even further (lower). Spot gold fell by 3.33%, trading near $US2625.38, and silver fell by 3.31%, trading near $US30.29 an ounce at the US close.
US share markets started a holiday-shortened week with gains for stocks, aided by moderating Treasury yields and an easing in the recent rally of the US dollar. The broader US equity market rose for a sixth consecutive session. The Dow rose by 440 points or 1%, the S&P 500 index gained 0.3% and the Nasdaq index added 51 points or 0.3%. or 0.2%. For the week, the Dow was up 2%, the S&P 500 rose 1.7% with the Nasdaq 1.7% higher.
US government bond yields fell on Monday. The US Treasury sold $US69 billion of 2-year notes at a yield of 4.27%, the highest auction yield since July. The US 10-year Treasury yield fell 14 points to 4.27% and the US 2-year Treasury yield dropped 10 points to 4.27%.
Currencies were stronger against the US dollar in European and US trade. he Aussie dollar slid from a high of US65.50 cents to US64.87 cents and was near US65.01 cents in late US trade.
In US economic data, the Dallas Fed manufacturing activity index rose from -3.0 in October to -2.7 in November (survey: -2.4). The Chicago Fed national activity index fell from -0.28 in September to -0.40 in October (survey: -0.20).
Australian gold prices fell by 3.37% (-140.70 per oz) to AUD 4036.80 at the US close.
Australian silver prices were down by 3.35% (-1.62 per oz) to AUD 46.59 at the US close.
The current Gold and Silver Ratio is 86.625
Current AUD/USD is 0.6502
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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