Current Prices: Gold USD 2635.81/oz (AUD 4057.05) And Silver USD 30.09/oz (AUD 46.33)
Gold Prices rose on Wednesday, rebounding from an over one-week low hit in the previous session, on a weaker dollar, but trimmed earlier gains after data showed stalled inflation progress, hinting that the U.S. Federal Reserve might be cautious on further rate cuts. Spot gold was up by 0.12%, trading near $US2635.81, and silver fell by 1.08%, trading near $US30.09 an ounce at the US close.
US share markets fell on Wednesday, with the Nasdaq index leading declines as technology stocks slumped ahead of the Thanksgiving holiday. With around an hour left of trade on Wall Street, the Dow Jones index was down by 113 points or 0.3%, the S&P 500 index also slipped 0.3% and the Nasdaq index shed 0.6%.
US government bond yields fell as core PCE rose in line with forecasts and a debt auction drew strong demand. The 10-year yield is near levels last seen before Donald Trump won the US presidential election. The US Treasury sold $US44 billion of 7-year notes at a yield of 4.183%. The US 10-year Treasury yield fell 6 points to 4.24%. The US 2-year Treasury yield slid 4 points to 4.21%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US64.70 cents to US64.99 cents and was near US64.95 cents in late US trade.
In US economic data, the second estimate of Q3 24 GDP remained at 2.8%saar. Durable goods orders rose 0.2% in October (survey: +0.5%). Initial jobless claims fell 2k to 213k last week (survey: 215k). Personal income rose 0.6% in October (survey: +0.3%) with personal spending up 0.4% (survey: +0.4%). The core PCE price index lifted 0.3%/mth and 2.8%/yr in October (survey: 2.8%). Pending home sales rose 2% in October (survey: -2%). The MNI Chicago PMI fell from 41.6 in October to 40.2 in November (survey: 45).
Australian gold prices fell by 0.24% (-9.66 per oz) to AUD 4057.05 at the US close.
Australian silver prices were down by 1.46% (-0.68 per oz) to AUD 46.33 at the US close.
The current Gold and Silver Ratio is 87.56
Current AUD/USD is 0.6496
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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