Current Prices: Gold USD 2398/oz (AUD 3652.31) and Silver USD 28.01/oz (AUD 42.69)
Gold Prices jumped higher today during the Sydney open trading session, up to the $2,400 USD level. The recent evidence of progress on inflation has triggered expectations that the Fed would start easing monetary policy in September, which boosts the price of precious metals at the weekly open. The market is also pricing in that gold will be the better “Trump trade” than US dollars, as reported by Bloomberg.
US share markets ended higher on Friday. The Dow Jones index rose by 654 points or 1.6%, the S&P 500 index gained 1.1% and the Nasdaq index added 176 points or 1%. For the week, the Dow gained 0.7%, while the S&P 500 declined 0.8% and the Nasdaq dropped 2.1%
US government bond yields fell on Friday. The US 10-year Treasury yield fell by 6 points to 4.19% and the US 2-year Treasury yield also decreased 6 points to 4.39%.
Currencieswere mixed against the US dollar in European and US trade. The Eurorose from $US1.0840 to $US1.0866 and was near $US1.0855 at the US close. The Aussie dollar fell from US65.67 cents to US65.46 cents and was near US65.50 cents at the US close.
Australian gold prices were up +0.33% (+$12 per oz) this morning
Australian silver prices were flat this morning, after a volatile open
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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