Current Prices: Gold USD 2333.32/oz (AUD 3556.43) And Silver USD 27.09/oz (AUD 41.29)
Gold prices edged lower as investors await crucial data and potential clues regarding the Fed’s rate cut path. Spot gold fell by 0.11% trading near $US 2335.30 an ounce at the US close and silver was also down by 0.20% trading near $US 27.13 an ounce.
US share markets rose on Monday, with sharp gains for Tesla and Apple leading the way. Tesla surged 15.3% after it made progress in securing regulatory approval to launch its advanced driver-assistance program in China. Apple gained 2.5% following a report that the iPhone maker had renewed discussions with OpenAI about using the startup’s generative artificial intelligence (AI) technology. But mega-cap technology stocks Alphabet, Meta Platforms and Microsoft ended down between 1% and 3.4%. The Dow Jones index rose by 146 points or 0.4%, the S&P 500 index gained 0.3% and the Nasdaq index added 55 points or 0.4%.
US government bond yields fell on Monday, pulling back from highs hit last week ahead of a US Federal Reserve meeting that is expected to strike a hawkish tone while keeping interest rates unchanged. Treasury yields came off their lows on the back of corporate bond issuance, led by Boeing, as issuers rush to get in their funding before month-end. The US 10-year Treasury yield fell by 6 points to 4.61% and the US 2-year Treasury yield dipped 2 points to 4.98%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US65.44 cents to US65.73 cents and was near US65.65 cents at the US close.
In US economic data, the Dallas Fed manufacturing index fell from -14.4 to -14.5 in April (survey: -11.2).
Australian gold prices fell by 0.60% ($21.60 per oz) to AUD 3556.95 at the US close.
Australian silver prices fell slightly by 0.78% ($0.33 per oz) to AUD 41.33 at the US close.
The current Gold and Silver Ratio is 86.17
Current AUD/USD is 0.65617
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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