Current Prices: Gold USD 2178.63/oz (AUD 3334.41) And Silver USD 24.43/oz (AUD 37.38)
Gold prices climbed on Tuesday, as expectations of interest rate cuts by the U.S. Federal Reserve firmed, while investors waited for data due later in the week for underlying inflation trends that will help gauge the timing of these cuts. Spot gold was up by 0.30% trading near $US 2178 an ounce at the US close and silver fell by 0.92% trading near $US 24.43 an ounce.
US share markets fell, giving up modest gains late in the session, as investors awaited US economic data in a holiday-shortened week to gauge the FOMC’s policy path. Chip giant Nvidia lead losses in megacaps, ending down 2.5%. The Dow Jones index fell by 31 points or 0.1%, the S&P 500 index dipped 0.3% and the Nasdaq index shed 69 points or 0.4%.
US government bond yields were little changed following the release of mixed economic data. US consumer confidence held steady, durable goods orders climbed but home prices climbed less than expected. The US Treasury sold $US67 billion of 5-year notes at a yield of 4.235% into solid demand. The US 10-year Treasury yield fell by 2 points to 4.23%. The 2-year yield was steady near 4.59%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US65.58 cents to US65.28 cents and was near US65.30 cents at the US close.
In US economic data, durable goods orders rose 1.4% in February (survey: +1%). The FHFA house price index fell 0.1% in January (survey: +0.3%). The S&P Case-Shiller 20-city home price index gained 0.14%in January (survey: +0.2%). The Conference Board consumer confidence index fell from 104.8 to 104.7 in March (survey: 107). The Richmond Fed manufacturing index slid from -5 to -11 in March (survey: -5).
Australian gold prices rose by 0.43% ($14.33 per oz) to AUD 3334.80 at the US close.
Australian silver prices fell by 0.8% ($0.30 per oz) to AUD 37.43 at the US close.
The current Gold and Silver Ratio is 89.25
Current AUD/USD is 0.65342
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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