Market Updates

Precious metal prices broke to the downside this week, with gold and silver falling by 3% and 7% respectively in USD terms. The weakness was driven by the continued spike in bond yields, which has combined with strength in the USD to see investors liquidating holdings of financial products linked to gold, including ETFs, with the world’s largest gold ETF seeing almost USD $1 billion in outflows over the last month, with that weakness carrying over into early October.

Precious metal prices broke to the downside this week, with both gold and silver falling by 3% in USD terms. For Australian dollar investors, the pullback was more modest owing to continued weakness in the local currency, with the Australian dollar last trading at USD $0.638.

Precious metal markets rallied this week, ignoring both a spike in bond yields that saw two-year US treasuries hit a near two decade high above 5% and warnings from the US Federal Reserve that rates will likely increase again before the end of the year.

Gold has continued to trade above USD $1,900oz this week, with the precious metal essentially flat over the last month in both USD and AUD terms.

Gold eased this week, with the precious metal falling by 1% to USD $1,919oz. The pullback, coming after a strong bounce back in the last two weeks of August, was not unexpected given the move higher in yields and the US dollar, with gold still trading above important support between USD $1,900oz-$1,910oz, which is where the 200-day moving average for the precious metal currently sits.

Gold prices have continued to rally in the past five trading days, with the precious metal at one point pushing up toward USD $1,950 per troy ounce (oz).

Gold has enjoyed a solid week performance wise, with the precious metal rallying by 1% to USD $1,916oz. Silver has also rallied, increasing by 6% in USD terms and is once again trading above USD $24oz, with the gold to silver ratio falling to 80 in the process.

Precious metal markets continued to trade lower this week, with gold not only falling below the USD $1,900oz price level, but also below its 200-day moving average (200DMA), which currently sits at USD $1,895oz.

Gold prices remained on the back foot this week, with the precious metal last trading below USD $1,915 per troy ounce (oz).

Precious metal prices continued to correct this week, with gold -1% in USD terms to $1,933.30oz, while silver was -6%, last trading at USD $23.60oz.

Precious metal prices have eased over the past week, with an overnight sell off driven by better than expected increase in US GDP eliminating the price strength seen in the early part of this week, when gold shrugged off the decision by the US Federal Reserve to push through another interest rate hike.

Precious metal prices have continued to rally over the past five trading days, with gold and silver up 1% and 2% respectively in USD terms.

Precious metal prices soared this week, with the price of gold and silver rallying by 3% (gold) and 7% (silver) in USD terms.

Gold has shown impressive resilience in the first few trading days of the new financial year, ignoring a range of headwinds to hold above USD $1,900 per troy ounce.

Gold prices continued to correct this week, with the precious metal falling by 2% to USD $1913oz. Silver was even harder hit, falling 5% to USD $22.30oz, with the gold to silver ratio (GSR) last sitting at 86. The current GSR is the same as it was one year ago, though both metals are up by 4% in that time-period.

Gold prices continued to correct this week, with the precious metal falling by 2% to USD $1913oz. Silver was even harder hit, falling 5% to USD $22.30oz, with the gold to silver ratio (GSR) last sitting at 86. The current GSR is the same as it was one year ago, though both metals are up by 4% in that time-period.

Precious metal prices were largely steady over the past five trading days, with gold flat, trading just above USD $1,950oz, while silver eked out another 1% gain in USD terms, last trading just below USD $24oz.

In Australian dollar terms, the prices of both metals were down (4% for gold and 2% for silver), with this correction driven by the recent surge in the value of the Australian dollar, which climbed to USD 0.689 this week, up 3%.

Gold prices rallied sharply overnight, with poor jobs data from the United States reinforcing market expectations of a continued slowdown and potential recession in the world’s largest economy.
 
The precious metal surged by more than USD $20 per troy ounce (oz) at one stage, with this move enough to offset price weakness seen earlier in the week, with gold essentially unchanged over the past five trading days.

Gold has bounced this week, with a 1% rise halting a losing streak that at one point had seen the precious metal give up more than USD $100oz between early April and late May 2023.

Silver has also been on the rise, last trading at USD $23.90oz, up 4% for the week in USD terms, with the gold to silver ratio (GSR) currently sitting at 83.

Gold bulls are on the backfoot again this week, with the precious metal falling below USD $1,950oz, while silver is back below USD $23oz.

The correction, which began approximately one month ago, has taken much of the heat out of the gold market, with multiple factors, from a rising US dollar to a surge in real bond yields playing their part in pushing gold down.

Precious metal prices continued to correct this week, with gold falling below USD $2,000 per troy ounce.

Several factors have contributed to the pullback, including an increase in the US dollar, which this week hit a seven-week high as measured by the US dollar index, as well as a sharp increase in bond yields, with 10-year treasuries now yielding 3.65%.

Gold remained in consolidation mode this week, with the precious metal continuing to hold above USD $2,000oz, though so far unable to sustainably push higher.

Silver on the other hand came under strong selling pressure, particularly in the last 24 hours, last trading at USD $24.20oz, down 6% for the week.

The moves in precious metals occur against a backdrop of falling headline inflation in the United States, with the year-on-year increase in consumer prices (CPI) to end April now sitting at 4.9%, barely half the levels we saw just under a year ago.

Gold has been the best performing asset of the new millennium, having outperformed shares and property since 2000. This outperformance looks set to continue going forward.

Gold and silver remained well bid this week, with gold in particular seeing strong buying interest.

That is despite the continued consolidation in the precious metal complex, with gold spending much of the week trading near USD $2,000oz, before pulling back from those levels in the last 24 hours.

Gold and silver prices are in consolidation phase at present, with the two precious metals holding above USD $2,000oz (gold), and $25oz (silver) despite a sell-off earlier this week that at one point saw gold head back toward USD $1,970oz.

That sell-off so far looks like a short-term blip, with the precious metal in essence recovering all those losses at the time of writing. The same can be said for silver, which remains above USD $25oz, with the GSR continuing to fall, a sign that will encourage precious metal bulls.