Market Updates

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.

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.