Current Prices: Gold USD 1990.40/oz (AUD 3042.61) And Silver USD 23.76/oz (AUD 36.22)
Gold prices fell below the key $2,000 per ounce level on Wednesday as the U.S. dollar rebounded from lows and Treasury yields pared losses. Spot Gold fell 0.4% trading near $US1990 an ounce at the US close. Silver also fell by 0.43% trading at $23.63 per ounce at the close.
US sharemarkets climbed on Wednesday, helped by bets that the US Federal Reserve had reached the end of its rate hikes, although a rise in US Treasury yields and some underwhelming earnings reports kept gains in check. With an hour left of trade, the Dow Jones index was up by 161 points or 0.5%, the S&P 500 index gained 0.4% and the Nasdaq index added 67 points or 0.5%.
US government bond yields rose after strong initial jobless claims data unsettled a market that expects the US central bank to start cutting interest rates around June next year as the economy slows. Data also showed a further increase in year-ahead consumer inflation expectations. The US 10-year Treasury yield was steady near 4.42%. The US 2-year Treasury yield lifted 3 points to 4.91%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US65.68 cents to US65.22 cents and was near US65.40 cents in late US trade.
In US economic data, initial jobless claims fell by 24,000 in the past week to 209,000 (survey: 227,000). Durable goods orders dropped 5.4% in October (survey: -3.2%). The University of Michigan consumer sentiment index slid from 63.8 in October to 61.3 in November (survey: 61).
Australian gold prices were down 0.21% ($6.34 per oz) to AUD 3042.79 at the US close.
Australian silver prices were also down 0.28% ($0.08 per oz) to AUD 36.14 at the US close.
The current Gold and Silver USD Ratio is 84.16
Current AUD/USD is 0.65421
Gold Price in AUD Chart
Silver Price in AUD Chart
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
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