Current Prices: Gold USD 2005.40/oz (AUD 2979.79) And Silver USD 25.21/oz (AUD 37.46)
Gold price increased 0.5% and clawed the way back above the key $2,000 level on Tuesday as the dollar and bond yields retreated. Spot gold was trading near $US2,005 an ounce at the US close. At the same time, spot silver rose 0.3% to $25.17 per ounce at the US close.
US share markets were flat. The Dow Jones index fell by 11 points or less than 0.1%. The S&P 500 index rose by 0.1%. The Nasdaq index fell by 4.3 points or less than 0.1%.
US government bond yields were mixed. US 10-year treasury yields fell by 1 point to 3.58%. But US 2-year treasury yields rose by 2 points to 4.20%.
Major currencies were mixed against the US dollar. The Aussie dollar fell from near US67.47 cents to US67.17 cents and was near US67.25 cents at the US close.
In US economic data, housing starts fell from a 1.432 million annualised rate in February to 1.42m in March (survey: 1.4m). Building permits fell from 1.55m in February to 1.413m in March (survey: 1.45m). Chain store sales in the past week were up 1.1% on a year ago after rising an annual 1.5% in the prior week.
St. Louis Fed President James Bullard said the Fed should continue raising rates as recent data shows inflation remains persistent, while Atlanta Fed President Raphael Bostic said the Fed will likely need to hold steady for an extended period to lower inflation after one more rate hikes. Markets were pricing in an 86% chance of a 25-basis-point rate hike at the Fed’s May 2-3 meeting, and odds of 71% for a pause in June.
Australian gold prices increased by 0.10% ($2.86 per oz) to AUD $2979.88 at the US close.
Australian silver prices increased by 0.30% ($0.11 per oz) to AUD $37.47 at the US close.
Current Gold and Silver Ratio is 79.58
Current AUD/USD is 0.67307
Gold Price in AUD Chart
Silver Price in AUD Chart
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