Gold Spot Price $5790.51

Silver Spot Price $84.71

Platinum Spot Price $2462.50

Australia’s housing downturn is gathering pace, with national dwelling values now falling more quickly than many major banks anticipated. Capital city prices have declined around 2.5% since their March peak, while July alone recorded a 0.7% fall, the sharpest monthly decline since late 2022. Sydney and Melbourne continue to lead the downturn, but weakness is now spreading into previously resilient markets including Brisbane and Adelaide.

Forecasts are being revised rapidly as the market loses momentum. While CBA recently expected national dwelling prices to remain broadly flat across 2026, NAB has now shifted from forecasting a 2% decline to a 5% fall across the capital cities. Higher interest rates, reduced borrowing capacity and rising property listings are giving buyers considerably more negotiating power, suggesting the correction may still have further to run.

Gold, meanwhile, continues to hold firmly above the important US$4,000 level. After spending much of July consolidating between approximately US$3,960 and US$4,200, selling pressure appears to be easing and the Relative Strength Index is beginning to build momentum.

Gold has not yet confirmed a full technical reversal, but its resilience around US$4,000 is encouraging. If RSI continues to strengthen and pricing can push decisively through resistance around US$4,150 to US$4,200, the metal may be positioned for an upward breakout during August.

Australian dollar positioned for weaker period in the chart below.

That would leave the Reserve Bank in an increasingly difficult position. The domestic economy is already slowing under higher borrowing costs, softer housing conditions and weaker consumer spending, yet imported inflation from a falling dollar could force the RBA to raise rates again. Australia may soon find itself caught between a weakening economy, stubborn inflation and global sharemarkets that are becoming increasingly dependent on the AI story holding together.

Enjoy today’s charts

Gold daily chart, with 50MDA