Market Updates

Gold prices surged to record highs this week, with the precious metal trading above USD $2,300 and AUD $3,500oz for the first time. Silver also rallied, with a 9% surge seeing prices approach USD $27oz and top AUD $40oz, with the gold to silver ratio (GSR) falling from 90 to 85 in the past five trading days.

Gold prices traded above USD $2,200 and AUD $3,300 per troy ounce (oz) earlier this week, as a dovish US Federal Reserve fuelled the recent precious metal rally. Last trading at USD $2,180oz, gold has since eased from the intra-week high, though is still +1% over the past five trading days.

Gold prices steadied this week, with the precious metal last trading at USD $2,162 per troy ounce (oz). Silver continued to rally, +2% in USD terms, and last trading at USD $24.90oz. In the past month, silver has rallied by 10%, with the gold to silver ratio falling from 89 to 87 over this period.

Precious metal prices moved sharply higher this week, with both gold and silver rallying by 2% in USD terms, with gold currently trading above USD $2,050oz. The move higher has occurred against a backdrop of falling bond yields, with expectations the US Federal Reserve (the Fed) will deliver a slew of interest rate cuts in 2024, with the Fed dropping their tightening bias at their just concluded January meeting.

Precious metal markets continued to confound investors in the last week, with gold at one point charging above USD $2,050oz and looking like it was set to break out.
It then abruptly changed course, with the metal testing (and so far, holding) support at USD $2,000oz, and then rallying higher in the last 24 hours.

Gold and precious metal prices eased this week, falling by 1% and 2% respectively in USD terms. The price action is a continuation of a corrective or steadying period that dates back a month, after both metals moved sharply higher in Q4 of last year.

With Christmas fast approaching and the New Year just over a week away, it looks like being another good year for the precious metal sector, with gold up 10% for the year so far.

Precious metal prices have steadied over the past five trading days, with the market rebounding from a pullback earlier in the week that had seen gold and silver temporarily fall below USD $2,000oz and USD $23 per troy ounce respectively.

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).