Current Prices: Gold USD 2303.46/oz (AUD 3508.10) And Silver USD 26.65/oz (AUD 40.59)
Gold prices fell on Thursday, nearing a four-week low as investors continued to assess the Federal Reserve’s policy decision. Spot gold fell by 0.69% trading near $US 2303.45 an ounce at the US close and silver however edged higher by 0.14% trading near $US 26.67 an ounce.
US share markets rallied on Thursday as investors weighed the US Federal Reserve’s more dovish-than-expected interest rate guidance against mixed earnings results and US economic data. The tech-heavy Nasdaq index enjoyed a healthy boost from chip stocks. The Dow Jones index rose by 322 points or 0.9%, the S&P 500 index also gained 0.9% and the Nasdaq index added 235 points or 1.5%.
US government bond yields fell on Thursday, with investors continuing to digest the US Federal Reserve’s less-than-hawkish stance after Wednesday’s policy meeting that suggested interest rate cuts were very much on the table even though inflation remained above the 2% target. The US 10-year Treasury yield dipped 1 point to 4.58% and the US 2-year Treasury yield slid 6 points to 4.88%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US65.17 cents to US65.72 cents and was near US65.65 cents at the US close.
In US economic data, initial jobless claims were steady at 208,000 last week (survey: 211,000). Factory orders lifted 1.6% in March (survey: +1.6%). Unit labour costs grew 4.7% in the March quarter (survey: +4%) with nonfarm productivity up 0.3% (survey: +0.5%). Challenger job cuts fell by 28% to 64,789 in April(survey: 91,000). The trade deficit narrowed by $US0.1bn to $US69.4bn in March (survey: -$US69.8bn).
Australian gold prices fell by 1.32% ($46.90 per oz) to AUD 3508.99 at the US close.
Australian silver prices fell by 0.51% ($0.21 per oz) to AUD 40.64 at the US close.
The current Gold and Silver Ratio is 86.37
Current AUD/USD is 0.65721
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
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By: William Tao
Guardian Gold Precious Metal analyst
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