Current Prices: Gold USD 2289.34/oz (AUD 3477.04) And Silver USD 26.85/oz (AUD 40.78)
Gold prices took a breather on Thursday after hitting an all-time high earlier in the session on expectations for lower U.S. interest rates this year, as investors await more clarity on the timing of the cuts. Spot gold fell by 0.38% trading near $US 2290.73 an ounce at the US close and silver fell by 1% trading near $US 26.90 an ounce.
US share markets fell, with investors on edge ahead of the crucial US March jobs report. A spike in oil prices and fears the FOMC could hold-off cutting interest rates added to the day’s poor sentiment. Minneapolis Fed President Kashkari said that if progress on inflation stalls, he sees the “possibility” of no rate cuts this calendar year. The Dow Jones index fell by 530 points or 1.4%, its biggest percentage drop since 22 March 2023, after being up 294 points earlier in the session. The S&P 500 index slid 1.2% and the Nasdaq index shed 228 points.
US government bond yields rallied on Thursday on safe-haven demand amid heightened geopolitical concerns after Israeli Prime Minister Benjamin Netanyahu said his country will operate against Iran and its proxies and will hurt those who seek to harm it. The US 10-year Treasury yield fell by 4 points to 4.31% and the US 2-year Treasury yield dipped 3 points to 4.64%.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar dipped from US66.18 cents to US65.78 cents and was near US65.80 cents at the US close.
In US economic data, initial jobless claims rose by 9,000 to 221,000 last week (survey: 214,000). Challenger job cuts rose by 7% in March to 89,703 (survey: 89,000), the highest since January 2023. The trade deficit widened by $US1.3bn to $US68.9bn in February (survey: -$US67.6bn)
Australian gold prices fell by 0.72% ($25.07 per oz) to AUD 3478.10 at the US close.
Australian silver prices fell by 1.34% ($0.55 per oz) to AUD 40.85 at the US close.
The current Gold and Silver Ratio is 84.71
Current AUD/USD is 0.6584
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.