In this week’s (26 August-30 August) market update provided by ABC Bullion. Precious metal prices continued to rally this week, with gold +1% over the period and now firmly trading above USD $2,500 per troy ounce (oz). Silver was even stronger, with a +2% move in USD terms, and is again closing in on the important USD $30oz price point, with the gold to silver ratio (GSR) steady at 86.
Returns for Australian dollar investors were more modest, with gold flat and silver +1%, owing to another push higher in the AUD, which is now trading at USD $0.68. Other markets were flat across the week, with equities in both the United States and Australia flat, though tech and AI bellwether NVIDIA has fallen by 7%, after releasing earnings.
Commodity prices firmed, with oil +4% and now back above USD $75 a barrel, while cryptocurrencies were a touch softer, with Bitcoin -1% and back below USD $60,000. Here the question is will gold hit USD $3,000oz this year?
Precious metal markets continued to rally this week, with markets looking ahead to the coming monetary pivot from the US Federal Reserve (The Fed), which was all but confirmed by Fed Chair Jerome Powell at the just completed Jackson Hole symposium.
That gold and silver would continue to find buying interest in such a scenario is no surprise given lower rates reduce the opportunity cost of buying precious metals, while there are rising doubts about the strength of the US stock market, with the NVIDIA share price taking a hit this week, despite surpassing expectations on the earnings front.
Should uncertainty regarding the stock market continue to grow, gold will be a natural beneficiary as investors look to balance portfolios and mitigate risk.
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