Current Prices: Gold USD 1925.52/oz (AUD 2884.14) And Silver USD 23.14/oz (AUD 34.67)
Gold prices were little changed on Monday as investors awaited U.S. inflation data that could influence the Federal Reserve’s policy stance. Spot gold was flat and trading near $US1,925 an ounce at the US close. Spot silver gained 0.4% to $23.14 an ounce.
US share markets snapped a three-day losing streak. But caution prevailed ahead of Wednesday’s US CPI report and the start of earnings season later this week. Investors are anxious to see if price pressures are continuing to moderate. The market didn’t get much support from the mega-cap. At the close of trade, the Dow Jones index rose by 209.5 points or 0.6%. The S&P 500 index gained 0.2% and the Nasdaq index added 25 points or 0.2%.
US government bond yields fell on Monday ahead of key US inflation data due mid-week. The US 10-year Treasury yield fell by 5 points to 4.00%. The US 2-year Treasury yield dipped by 7 points to 4.86%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US66.23 cents to US66.79 cents and was near US66.75 cents at the US close.
In US economic data, consumer inflation expectations for the year ahead fell from 4.1% in May to 3.8% in June (survey: 3.9%), the lowest since April 2021. Consumer credit grew by $US7.24 billion in May (survey: $US20 billion), the slowest pace since November 2020. Three US Federal Reserve officials –Michael Barr, Mary Daly and Loretta Mester -said the central bank would need to raise rates further this year to bring inflation back to its 2% goal. Fed Bank of Atlanta President Raphael Bostic noted that officials could be patient amid evidence of an economic slowdown.
Australian gold prices rose by 0.24% ($6.90 per oz) to AUD $2884.27 at the US close.
Australian silver prices rose by 0.51% ($0.18 per oz) to AUD $34.67 at the US close.
Current Gold and Silver Ratio is 83.24
Current AUD/USD is 0.66778
Gold Price in AUD Chart
Silver Price in AUD Chart
Silver Price in AUD Chart
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