Current Prices: Gold USD 2631.57/oz (AUD 4062.81) And Silver USD 30.41/oz (AUD 46.98)
Gold Prices were caught in a tug-of-war on Tuesday, dipping to a week’s low as safe-haven demand softened as Israel agreed to a ceasefire deal with Lebanon. Concern over Ukraine and U.S. President-elect Donald Trump’s tariff plans limited declines. Spot gold was up by 0.28%, trading near $US2632.61, and silver rose by 0.43%, trading near $US30.42 an ounce at the US close.
US sharemarkets rose on Tuesday as investors looked past US President-elect Donald Trump’s plans to impose additional 10% tariffs on Chinese imports and 25% levies on all products from Mexico and Canada. With around an hour left of trade on Wall Street, the Dow Jones index was up by 47 points or 0.1% and the S&P 500 index gained 0.4%, its seventh consecutive session of gains -the longest winning streak since mid-September. The gauge was poised for its 52nd record high this year. The Nasdaq index added 68.5 points or 0.4%.
US government bond yields were mixed on Tuesday. Shorter-dated Treasuries pared earlier losses after the US Federal Reserve’s latest meeting minutes showed members would take a cautious approach to cutting rates. The US Treasury sold $US70 billion of 5-year notes at a yield of 4.197% into solid demand. The US 10-year Treasury yield rose 3 points to 4.30% and the US 2-year Treasury yield was steady near 4.25%.
Currencies were choppy against the US dollar in European and US trade. The Aussie dollar slid from US65.08 cents to US64.47 cents and was near US64.60 cents in late US trade.
In US economic data, the FHFA house price index rose 0.7% in September (survey: +0.3%). S&P CoreLogic Case-Shiller 20-city home prices lifted 0.2% in September (survey:+0.3%). New home sales fell 17.3% in October to a 610,000 annualised rate (survey: 725,000). The Conference Board consumer confidence index rose from 109.6 in October to 111.7 in November (survey: 111.8). The Richmond Fed manufacturing index was steady at -14 in November (survey: -11).
Australian gold prices rose by 0.74% (+29.91 per oz) to AUD 4066.72 at the US close.
Australian silver prices up by 0.92% (+0.42 per oz) to AUD 47.01 at the US close.
The current Gold and Silver Ratio is 86.427
Current AUD/USD is 0.6477
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD ReturnAll Products
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
By: William Tao Guardian Gold Precious Metal Analyst
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