Gold & Silver Price AUD — Quick Commentary 02/11/2023
2 November 2023 — Guardian Gold Australia
Current Prices: Gold USD 1983.57/oz (AUD 3095.36) And Silver USD 23.00/oz (AUD 35.90)
Gold prices fell on Wednesday as Fed’s Powell stays hawkish after holding rates. Spot Gold was down 0.3%, trading near $US1978 an ounce at the US close. Elsewhere Silver was up 0.4% to $22.93 per ounce at the close.
US share markets rose on Wednesday as the US Federal Reserve kept interest rates steady. The Dow Jones index rose by 222 points or 0.7%, the S&P 500 index gained 1.1% and the Nasdaq index added 210 points or 1.6%.
US government bond yields fell on Wednesday; The US Treasury Department said it will slow the pace of increases in its longer-dated debt auctions in the November 2023 to January 2024 quarter. The US 10-year Treasury yield fell by 12 points to 4.76%. The US 2-year Treasury yield also slid 11 points to 4.96%
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar rose from US63.27 cents to US63.99 cents and near US63.90 cents at the US close.
In US economic data, construction spending rose by 0.4% in September (survey: +0.4%). The ISM manufacturing index fell from 49 to 46.7 in October (survey: 49). The S&P Global manufacturing index rose from 49.8 to 50 in October (survey: 50). JOLTS job vacancies lifted from 9.5 million to 9.6 million in September (survey: 9.4 million). ADP private payroll jobs rose by 113,000 in October (survey: +150,000). The Fed announced that it had decided to hold the policy rate steady in its current 5.25% to 5.50% range for now. Powell in a press conference, said that market borrowing costs would need to be sustainably higher for that to bear on future central bank monetary policy choices.
Australian gold prices fell by 0.96% ($29.90 per oz) to AUD 3100.96 at the US close.
Australian silver prices fell by 0.47% ($0.17 per oz) to AUD 35.90 at the US close.
The current Gold and Silver USD Ratio is 86.31
Current AUD/USD is 0.64082
Gold Price In AUD Chart
Silver Price In AUD Chart
Gold (Yellow) Vs Silver (White) Vs ASX200 (Green) YTD Returns
