Current Prices: Gold USD 2519.82/oz (AUD 3707.49) And Silver USD 29.39/oz (AUD 43.25)
Gold Price gained on Thursday fuelled by strong expectations of a Federal Reserve rate cut in September with investors focusing on U.S. inflation data for further insights on the potential size of the cut. Spot gold rose by 0.66% trading near $US2,520.87 and silver jumped by 0.93% trading near $US29.40 an ounce.
US share markets were mixed on Thursday. The Dow Jones index hit a record high following robust US economic growth data, while artificial intelligence (AI) chipmaker Nvidia slipped 6.4% after its largely in-line forecast failed to impress investors. The Dow Jones index rose by 244 points or 0.6%, the S&P 500 index ended flat and the Nasdaq index shed 40 points or 0.2%.
US government bond yields rose on Thursday. The US Treasury sold $US44 billion of 7-year notes at a yield of 3.77% into weak demand. The US 10-year Treasury yield rose by 2 points to 3.86% and the US 2-year Treasury yield lifted 3 points to 3.90%. Markets are fully pricing in a rate cut of at least 25 basis points (bps) during the Fed’s September meeting, although expectations for a cut of 50 bps fell to 34.5% after the data, according to CME’s FedWatch Tool.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar eased from US68.23 cents to US67.84 cents and was near US68.00 cents at the US close.
In US economic data, the economy (GDP) expanded at a 3% annualised pace in the June quarter (survey: 2.8%). Initial jobless claims fell by 2,000 to 231,000 last week (survey: 232,000).
Australian gold prices up by 0.46% (+17.10 per oz) to AUD 3708.55 at the US close.
Australian silver prices rose by 0.82% (+0.35 per oz) to AUD 43.28 at the US close.
The current Gold and Silver Ratio is 85.72
Current AUD/USD is 0.6795
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns 
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
By: William Tao Guardian Gold Precious Metal Analyst
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