Market Updates

Precious metal markets remained buoyant this week, led by silver which rallied by 4% to USD $25.80oz. Gold was steadier, putting on USD $10oz to last trade at USD $2,040oz, within sight of the all-time nominal high it hit back in 2020.

Precious metal prices ended the week largely unchanged, with gold last trading just below USD $2,000oz, while silver continued to rally, and is now sitting just below USD $24oz.

The emergence of COVID-19, combined with the fiscal and monetary response to the pandemic, ushered in a new era of precious metal demand. Since then, bar and coin buying in most Western markets, including Australia, has surged.

Precious metal prices soared this week, with gold trading back above USD $1900oz, while silver rose toward USD $22oz, up 5% and 8% respectively over the past five trading days. Price action in the two precious metals has seen the gold to silver ratio (GSR) fall to 88, down from 91 last week.

Precious metals were mixed again over the past five trading days, with gold essentially ending the week to Thursday March 9th unchanged near USD $1830oz, with the market eagerly anticipating the next set of US jobs data.

Precious metals markets were mixed this week, with gold firming, up 1% to USD $1,836 per troy ounce (oz), while silver remained mired in its recent downtrend, falling by 3% to USD $21 oz, and now down 10% over the last month.

Precious metal prices largely stabilised this week, with gold flat in USD terms, while silver was off just 1%.

While the relatively calm of the last five trading days has served as respite for precious metal bulls disappointed with the recent weakness across the sector, the market remains on a defensive footing for now, with the two metals off by 6% (gold) and 10% (silver) over the past month.

Precious metals prices continued to ease over the past five trading days, with gold and silver down by 2% and 4% respectively in USD terms.

Precious metal prices fell sharply over the past five trading days, with gold and silver down by 3% and 6% respectively in USD terms. Local currency investors fared better, with a 3% decline in the value of the Australian dollar, which is now back below USD $0.70, meaning gold was flat over this period in AUD terms, while silver was only off 3%.

Precious metal prices pulled back sharply overnight, putting gold and silver in negative territory for the week, with both falling by 1% in USD terms.

Precious metal prices have remained on solid footing over the past week, though are yet to decisively break above USD $1,950oz (for gold), or USD $24 oz (for silver), with the market trading in a relatively narrow range.

Precious metals have continued to trend higher this week, with gold and silver up 3% and 1% respectively in US terms. While overall movement across the week was to the upside, it wasn’t all plain sailing, with the metals under pressure earlier in the week, with gold at one point trading down toward USD $1900oz.

Precious metal prices have continued their recent surge with gold (+4% over the past five trading days) at one point trading above USD $1900oz overnight, as continued easing in US inflationary pressures raises expectations of a policy pivot from the US Federal Reserve.

Gold prices have risen in the first few trading days of 2023, though a pullback in the past 24 hours has seen the precious metal give up most of its earlier gains, with silver, which is now -3% over the past five trading days, also impacted.

While most of the world’s attention has been on the heroics of Lionel Messi and the Argentinian football team in Qatar, it’s shaping up as a messy end to the year for markets, with bond and equity prices retreating in the lead into the Christmas holiday period.

Gold prices started the week on very strong footing, at one point trading above USD $1820oz, as softer than expected US inflation data saw the smallest monthly gain in consumer prices in more than a year, sparking hopes that the US Federal Reserve will soon ease the pace of interest rate hikes.

Precious metal prices were mixed last week, with silver continuing its recent rally, now trading back above USD $23oz, while gold had a small pullback (-1%), consolidating the recent spike that saw it push back above USD $1800oz five trading days ago.

It’s been another positive week for the precious metal complex, with gold rallying above USD $1800oz, up 3%.

Financial markets continued to trade in a relatively tight range, as markets await a fresh catalyst as head into the final month of the year.

Markets were relatively calm in the past week, with bond yields continuing to ease and the US dollar (USD) continuing to ease, while equity markets and indeed the precious metal market have consolidated recent gains.

The surge in gold and silver prices that we’ve seen over the past five trading days has excited precious metal bulls, with signs that the two-year corrective cycle the metals have been in is now over, with higher prices ahead.

Central bank policy decisions dominated the financial landscape this week, headlined by the US Federal Reserve, who raised benchmark interest rate by 0.75% to 3.75-4.00% at their latest Federal Open Market Committee (FOMC) meeting.

Markets have rallied over the last five trading days, with equities, precious metals, cryptocurrencies, commodities and large parts of the fixed income universe all seeing price rises.

Gold prices have continued to fall in the past week, with the precious metal looking like it may test the USD $1600oz level at a minimum in this corrective cycle. Since the intra-year high hit in early March this year, gold has largely been in free-fall, and has now fallen by almost exactly 20% in USD terms.

Markets have been in correction mode for most of this week, after stronger than expected jobs data out of the United States on Friday 7th October, which showed the unemployment rate dropping to 3.5% strengthened market expectations for a 0.75% interest rate by the US Federal Reserve when they meet next week.