Current Prices: Gold USD 2323.62/oz (AUD 3581.76) And Silver USD 27.30/oz (AUD 42.08)
Gold prices steadied on Tuesday after hitting a more than two-week low on diminishing fears about an escalation of tensions in the Middle East, with investors awaiting key economic data for further clarity on the timeline of U.S. interest rate cuts. Spot gold fell by 0.22% trading near $US 2321.80 an ounce at the US close and silver rose by 0.42% trading near $US 27.28 an ounce.
US share markets rose on Tuesday, as a strong batch of corporate earnings assuaged concerns over higher interest rates. The Dow Jones index rose by 264 points or 0.7%, the S&P 500 index gained 1.2% and the Nasdaq index added 245 points or 1.6%.
US government bond yields dipped on Tuesday after data showed that US business activity cooled in April to a four-month low. Bonds also advanced after the US Treasury sold $ US69bn of 2-year bonds at a yield of 4.898% into solid demand -even as the much-desired 5% coupon proved elusive. The US 10-year Treasury yield fell by 2 points to 4.60%. The US 2-year Treasury yield slid 3 points to 4.94%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US64.40 cents to US64.89 cents and was near US64.85 cents at the US close.
In US economic data, new home sales rose by 8.8% in March to a 693,000 annual pace (survey: 668,000). The S&P Global manufacturing PMI fell from 51.9 in March to 49.9 in April (survey: 52). The S&P Global services PMI slid from 51.7 in March to 50.9 in April(survey: 52). The Richmond Fed factory index rose from -11 in March to -7 in April (survey: -8).
Australian gold prices fell by 0.80% ($28.90 per oz) to AUD 3579.67 at the US close.
Australian silver prices fell slightly by 0.17% ($0.07 per oz) to AUD 42.10 at the US close.
The current Gold and Silver Ratio is 85.18
Current AUD/USD is 0.64878
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
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