Current Prices: Gold USD 2172.80/oz (AUD 3322.57) And Silver USD 24.67/oz (AUD 37.72)
Gold prices rose on Monday, driven by expectations of interest rate cuts by the U.S. Federal Reserve this year. Spot gold was up by 0.30% trading near $US 2171.50 an ounce at the US close and silver was flat trading near $US 24.66 an ounce.
US share markets fell on Monday, the first session after the biggest weekly percentage gains for the indexes this year, as investors were cautious ahead of key US inflation data due later this week. Advancing chip stocks kept losses on the tech-heavy Nasdaq index in check. The Dow Jones index fell by 162 points or 0.4%, the S&P 500 index dipped by 0.3% and the Nasdaq index shed 44 points or 0.3%.
US government bond yields were higher on Monday after the auction of $US66 billion in 2-year notes as the market warms to the US central bank’s signalling of three interest rates cuts this year. Chicago Fed President Austan Goolsbee backed that claim and said he had pencilled in three rate cuts for this year. The US Treasury sold $US66 billion of 2-year notes at a yield of 4.595% into solid demand. The US 10-year Treasury yield rose by 3 points to 4.25% and the US 2-year Treasury yield lifted 3 points to 4.63%.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar firmed from US65.16 cents to US65.45 cents and was near US65.35 cents at the US close.
In US economic data, new home sales fell by 0.3% in February to a 662,000 annualised rate (survey: 677,000). The Dallas Fed manufacturing index fell from -11.3 to -14.4 in March (survey: -10). The Chicago Fed national activity index rose from -0.54 to +0.05 in February (survey: -0.34).
Australian gold prices ticked down by 0.10% ($3.20 per oz) to AUD 3320.47 at the US close.
Australian silver prices fell by 0.36% ($0.14 per oz) to AUD 37.74 at the US close.
The current Gold and Silver Ratio is 88.10
Current AUD/USD is 0.65399
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
To follow our market commentary and more, create a free trading account online HERE.
Featured Product
Follow Us On Socials
Disclaimers: Guardian Gold, Registered Office, Scottish House, 100 William Street, Melbourne, Victoria, 3000. ACN 138618176 (“Guardian Vaults” & “Guardian Gold”) All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher and/or the author. Information contained herein is believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation. Guardian Gold, its officers, agents, representatives and employees do not hold an Australian Financial Services License (AFSL), are not an authorised representative of an AFSL and otherwise are not qualified to provide you with advice of any kind in relation to financial products. If you require advice about a financial product, you should contact a properly licensed or authorised financial advisor. The information is indicative and general in nature only and is prepared for information purposes only and does not purport to contain all matters relevant to any particular investment. Subject to any terms implied by law and which cannot be excluded, Guardian Gold, shall not be liable for any errors, omissions, defects or misrepresentations (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (direct or indirect) suffered by persons who use or rely on such information. The opinions expressed herein are those of the publisher and/or the author and may not be representative of the opinions of Guardian Gold, its officers, agents, representatives and employees. Such information does not take into account the particular circumstances, investment objectives and needs for investment of any person, or purport to be comprehensive or constitute investment or financial product advice and should not be relied upon as such. Past performance is not indicative of future results. Due to various factors, including changing market conditions and/or laws the content may no longer be reflective of current opinions or positions. You should seek professional advice before you decide to invest or consider any action based on the information provided. If you do not agree with any of the above disclaimers, you should immediately cease viewing or making use of any of the information provided.