Current Prices: Gold USD 2376.63/oz (AUD 3564.09) And Silver USD 31.34/oz (AUD 47)
Gold Price rose as the dollar was weaker. Spot gold rose by 0.88% trading near $US 2375.73 an ounce at close and silver jumped by 4.35% trading near $US31.29 an ounce.
US share markets were mixed on Thursday. The benchmark S&P 500 and Nasdaq indexes rose early and reached fresh intraday record highs, but then they retreated as technology stocks dipped. The Dow Jones index rose 79 points or 0.2%, but the S&P 500 index was near flat and the Nasdaq index shed 15 points or 0.1%.
US government bond yields were little changed. The US 10-year Treasury yield was steady near 4.29% and the US 2-year Treasury yield was unchanged near 4.73%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US66.33 cents to US66.72 cents and was near US66.65 at the US close.
In US economic data, initial jobless claims rose by 8,000 to 229,000 in the past week (survey: 220,000). Challenger job cuts fell by 1.5% to 63,816 in May (survey: 75,000). Nonfarm productivity rose 0.2% in the first quarter (survey: flat). Unit labour costs were up 4% in the quarter (survey: 4.9%). The trade deficit widened by $US6bn to $US74.6bn in April (survey: -$US76.5bn). Also, The European Central Bank (ECB) eased key policy rates by 25bps overnight in a move widely expected by markets.
Australian gold prices were up 0.60% (+$21.16 per oz) to AUD 3564.17 at the US close.
Australian silver prices rose 4.10% (+$1.85 per oz) to AUD 46.98 at the US close.
The current Gold and Silver Ratio is 75.89
Current AUD/USD is 0.6669
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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Author: William Tao – Guardian Gold – Precious Metal Analyst
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