Current Prices: Gold USD 1837.20/oz (AUD 2,717.91) And Silver USD 21.07/oz (AUD 31.15)
Gold prices rose 0.6% on Wednesday as Chinese solid economic data dented the dollar. Spot gold was trading near $US1,838 an ounce in late US trade. While Spot silver gained 0.5% to $21.01 per ounce. The dollar hit a one-week low earlier today, providing some support to the gold market after China’s yuan gained as the country’s manufacturing activity expanded at its fastest pace since April 2012.
US share markets fell after the ISM’s gauge of US manufacturing activity improved (but remained in the contractionary territory), and prices paid rose. With less than an hour left of trade, the Dow Jones index was down by 82 points or 0.3%. The S&P 500 index shed 0.6%, and the Nasdaq index slid 90 points or 0.8%.
US government bond yields rose on higher interest rate fears. US 10-year treasury yields rose by 8 points to 4.00%. And US 2-year treasury yields lifted by 9 points to 4.89%.
Major currencies were mixed against the US dollar in European and US trade. The Aussie dollar fell from US67.83 cents to US67.25 cents and was near US67.50 cents in late US trade.
In US economic data showed construction spending fell by 0.1% in January (survey: +0.2%). The ISM manufacturing index lifted from 47.4 to 47.7 in February (survey: 48). The final Global manufacturing index rose from 46.9 to 47.3 in February (survey: 47.8). MBA mortgage applications fell 5.7%. Minneapolis Fed President Kashkari said he was “open-minded” on either a 25 or a 50bprate hike. Atlanta Fed President Bostic said monetary policy will have to remain tight “until well into 2024”.
Fed funds futures showed traders added to bets the U.S. central bank will raise its benchmark rate to a range of 5.5%-5.75% by September, from the current range of 4.5%-4.75%.
Australian gold prices rose by 0.19% ($5.02 per oz) to AUD $2717.91 at the US close.
Australian silver prices rose by 0.24% ($0.07 per oz) to AUD $31.15 at the US close.
Current Gold and Silver Ratio is 87.59
Gold Price in AUD Chart
Silver Price in AUD Chart
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