Current Prices: Gold USD 1825.82/oz (AUD 2,684.97) And Silver USD 21.54/oz (AUD 31.65)
Gold prices slipped 0.5% as the dollar rose after minutes from US Federal Reserve. Spot gold was trading near $US1,825 an ounce in late US trade. At the same time, Spot silver fell 1.6% to $21.48 per ounce.
US share markets also fell after the US Federal Reserve’s latest meeting minutes. With less than an hour left of trade, the Dow Jones index was down by 120 points or 0.35%. The S&P 500 index also lost 0.35%. And the Nasdaq index traded almost unchanged the day into the close.
US government bond yields fell. The US Treasury sold $US43bn of 5-year notes at a yield of 4.109% into solid demand. US 10-year treasury yields fell by 3 points to 3.92%. US 2-year treasury yields were unchanged at 4.695%.
Major currencies were weaker against the US dollar in European and US trade. The Aussie dollar fell from US68.45 cents to session lows near US67.95 cents in late US trade.
In US economic data, The US FOMC meeting minutes showed inflation remains a concern and, with all members expecting further rate hikes ahead, sounded hawkish. St. Louis Fed President James Bullard reiterated his view that a Fed policy rate in the range of 5.25% to 5.5% would be adequate to combat inflation.
Australian gold prices rose 0.39% ($10.30 per oz) to AUD $2684.97 at the US close.
Australian silver prices dropped 0.76% ($0.24 per oz) to AUD $31.65 at the US close.
Gold Price in AUD Chart
Silver Price in AUD Chart
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