Current Prices: Gold USD 2003.14/oz (AUD 2988.07) And Silver USD 25.33/oz (AUD 37.79)
Gold price pullback 1.8% sharply on Friday as the dollar bounced and Fed officials flagged the need for another interest rate hike. Spot gold was trading near $ US2,003 ounce at the US close. Over the week, gold rose $US3.90 or 0.2%. Silver was down 1.8% at $25.34 per ounce, after rising to a year’s high of $26.07 earlier in the session and is set for a fifth weekly gain.
US share markets fell by around 0.4% on Friday. Investors booked profits at the end of the week. US bank earnings beat market expectations. Financial markets have priced in a 74% chance of a rate hike at the next meeting on May 2-3. The Dow Jones index fell by 143 points or 0.4%. The S&P 500 index fell by 0.2%. And the Nasdaq index lost 43 points or 0.4%. Over the week, the Dow rose 1.2%; the S&P 500 rose 0.8%; and the Nasdaq lifted 0.3%.
US long-term government bond yields rose US 10-year treasury yields rose by 6 points to 3.51%. And US 2-year treasury yields rose by 12 points to 4.10%. Over the week US 10-year yields rose 15 points and US 2-year yields rose by 17 points.
Major currencies were weaker against the US dollar in European and US trade. The Aussie dollar fell from near US67.90 cents to US66.95 cents and was near US67.08 cents at the US close.
In US economic data, retail sales fell by 1.0% in March (survey: -0.4%). February data was revised to show a 0.2% fall rather than 0.4% decline. But the core measure fell by less than expected at -0.3%. US 1-year inflation expectations also rose from 3.6%/yr to 4.6%/yr. Long-term inflation expectations were steady.
Australian gold prices fell by 0.67% ($20.27 per oz) to AUD $2987.79 at the US close.
Australian silver prices fell by 0.66% ($0.25 per oz) to AUD $37.82 at the US close.
Current Gold and Silver Ratio is 79.08
Current AUD/USD is 0.67042
Gold Price in AUD Chart
Silver Price in AUD Chart
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