Current Prices: Gold USD 2035/oz (AUD 3133.19) And Silver USD 22.47/oz (AUD 34.61)
Gold prices ticked up on Wednesday as traders strapped in for key economic data and comments from U.S. central bank officials on the timeline of interest rate cuts. Spot gold was up 0.2% trading near $US 2034 an ounce at the US close and silver ticked up by 0.05% trading near $US 22.44 an ounce.
US share markets slipped on Wednesday ahead of an inflation reading later in the week that would influence expectations about when the FOMC will start cutting interest rates. With around an hour left of trade, the Dow Jones index was 98 points or 0.3% lower, the S&P 500 index dipped 0.2% and the Nasdaq index shed 88 points or 0.6%.
US government bond yields slipped on Wednesday amid month-end buying. Fed Bank of Boston President Susan Collins said officials will likely lower interest rates later this year as the outlook for sustainable 2% inflation strengthens. Her New York counterpart John Williams noted the US central bank still has “a ways to go” in its battle over inflation and reiterated that the Fed will likely cut interest rates “later this year.” Atlanta Fed chief Raphael Bostic said he is comfortable taking a patient approach to policy. The US 10-year Treasury yield fell by 3 points to 4.27%. And the US 2-year Treasury yield slid 5 points to 4.64%.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar fell from US65.18 cents to US64.88 cents and was near US64.90 cents in late US trade.
In US economic data, the economy, as measured by GDP, grew at a 3.2% annualised rate in the fourth quarter of 2023 (survey: +3.3%). The trade deficit of goods widened by $US2.3bn to $US90.2bn in January (survey: -$US88.5bn). Wholesale inventories dipped 0.1% in January (survey: +0.2%).
Australian gold prices rose by 0.94% ($29.29 per oz) to AUD 3132.11 at the US close.
Australian silver prices rose by 0.77% ($0.26 per oz) to AUD 34.58 at the US close.
The current Gold and Silver Ratio is 90.67
Current AUD/USD is 0.64959
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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