Keep up-to-date in the past week’s price action and the current geopolitical and economic factors driving the international and local precious metal markets.
The gold market started this week on extremely strong footing, with news of a Houthi rebel attack on a US Warship in the Red Sea causing the precious metal to temporarily spike above USD $2,100oz, a new all-time high.
Precious metal prices strongly rallied this week, led by silver, which surged by 7% in USD terms, and is now trading back above USD $25oz.
This recent price move puts momentum firmly on the side of precious metal bulls, with speculative positioning in futures market, largely stagnant ETF flows and a range of other indicators suggesting there may be more upside ahead.
Precious metal prices steadied this week, with silver unchanged in USD terms, while gold was +1%, and last trading just above USD $1,900z.
With December fast approaching, the market is still digesting and evaluating several factors that can impact gold, including when the US Federal Reserve does finally call time on its rate hiking agenda, how that will impact the US dollar, as well as how the geopolitical picture evolves as we head into 2024.
Gold prices eased this week, with the precious metal falling by 2% in USD and AUD terms, Silver was also impacted, declining by 3%.
Gold prices were unchanged over the week, with the precious metal pulling back after a brief run above USD $2,000oz.
Gold was stronger again this week, with weakness in equity markets, and the ongoing conflict in the Middle East helping drive the price back above USD $1,975oz.
Gold prices have surged in the past week, with the escalation of conflict in the Middle East, a spike in the price of oil, and a sell off in risk assets all supporting the precious metal. The rally in prices has seen gold trade above USD $1,970oz, well in advance of both its 50 and 200-day moving averages, which are closer to USD $1,900oz and USD $1,930oz respectively.
The spike in the gold price over the past five days has encouraged a significant boost in turnover, with retail clients as well as SMSF trustees and HNW investors all adding to their precious metal holdings, with gold leading the way demand-wise.
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%.