Current Prices: Gold USD 2300.64/oz (AUD 3504.78) And Silver USD 27.18/oz (AUD 41.41)
Gold prices raced to a record high yet again on Wednesday, after Federal Reserve Chair Jerome Powell reiterated that recent readings on job gains and higher-than-expected inflation do not materially change the overall picture of economic policy this year. Spot gold was up by 0.84% trading near $US 2299.53 an ounce at the US close and silver rose by 4% trading near $US 27.17 an ounce.
US share markets were mixed on Wednesday after data showed US services industry growth eased further in March, suggesting inflation is slowing, but not enough for the US Federal Reserve to say when interest rate cuts can begin. Fed Chair Jerome Powell said policymakers need to “have greater confidence that inflation is moving sustainably down” toward the 2% target. The Dow Jones index fell by 43 points or 0.1%, closing lower for a third day. But the S&P 500 index edged up 0.1% and the Nasdaq index added 37 points or 0.2%.
US government bond yields rallied on Wednesday after data showed US services industry growth slowed further in March, while a measure of prices paid by businesses for inputs dropped to a four-year low, suggesting easing inflation pressure. Meanwhile, Fed Chair Powell said that a lower policy interest rate will be appropriate “at some point this year.” The US 10-year Treasury yield fell by 1 point to 4.345% and the US 2-year Treasury yield slid 2 points to 4.67%.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar lifted from US65.03 cents to US65.69 cents and was near US65.60 cents at the US close.
In US economic data, ADP private payroll jobs increased by 184,000 in March (survey: +150,000). The ISM services index fell from 52.6 to 51.4 in March (survey: 52.8). The S&P Global services index fell from 52.3 to 51.7 in March (survey: 51.7).
Australian gold prices edge higher by 0.11% ($3.996 per oz) to AUD 3503.16 at the US close.
Australian silver prices rose by 3.25% ($1.30 per oz) to AUD 41.41 at the US close.
The current Gold and Silver Ratio is 84.71
Current AUD/USD is 0.65647
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
To follow our market commentary and more, create a free trading account online HERE.
Featured Product
Follow Us On Socials
Disclaimers: Guardian Gold, Registered Office, Scottish House, 100 William Street, Melbourne, Victoria, 3000. ACN 138618176 (“Guardian Vaults” & “Guardian Gold”) All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher and/or the author. Information contained herein is believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation. Guardian Gold, its officers, agents, representatives and employees do not hold an Australian Financial Services License (AFSL), are not an authorised representative of an AFSL and otherwise are not qualified to provide you with advice of any kind in relation to financial products. If you require advice about a financial product, you should contact a properly licensed or authorised financial advisor. The information is indicative and general in nature only and is prepared for information purposes only and does not purport to contain all matters relevant to any particular investment. Subject to any terms implied by law and which cannot be excluded, Guardian Gold, shall not be liable for any errors, omissions, defects or misrepresentations (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (direct or indirect) suffered by persons who use or rely on such information. The opinions expressed herein are those of the publisher and/or the author and may not be representative of the opinions of Guardian Gold, its officers, agents, representatives and employees. Such information does not take into account the particular circumstances, investment objectives and needs for investment of any person, or purport to be comprehensive or constitute investment or financial product advice and should not be relied upon as such. Past performance is not indicative of future results. Due to various factors, including changing market conditions and/or laws the content may no longer be reflective of current opinions or positions. You should seek professional advice before you decide to invest or consider any action based on the information provided. If you do not agree with any of the above disclaimers, you should immediately cease viewing or making use of any of the information provided.