Markets Steady But Bracing for Soft US GDP Print

Spot pricing for Gold $AU5130

Spot pricing for Silver $AU51.71

Spot pricing for Platinum $AU1660

Midweek markets are holding their breath as investors look ahead to key U.S. GDP data expected later this week. Estimates are pointing to a potential - 0.4% print for Q1 - an unwelcome signal that the U.S. economy may be flirting with contraction.

Despite that, consumer sentiment has rebounded. The latest confidence index climbed from 85 to 98, suggesting households are still feeling relatively optimistic - even if the broader data picture is mixed. The disconnect may be short-lived if weaker growth flows through to employment or corporate earnings.

The U.S. dollar continues to soften on the back of this economic uncertainty. The AUD/USD pair is now trading around 0.6444, with traders leaning cautiously against the greenback ahead of Friday’s GDP release. A weak print could cement the “wait and see” approach from the Fed, especially with inflation still proving sticky.

Gold is holding firm above USD $2,300 per ounce, supported by geopolitical tensions and renewed central bank demand. While prices have steadied for now, sentiment remains bullish as real yields soften slightly and the USD retreats.

Silver is gaining more momentum, trading near USD $33. The metal has outperformed in recent sessions, with market chatter turning toward further upside - driven by industrial demand and lingering tightness in supply.

Local eyes are also on monthly CPI data, released this morning, which may give fresh insight into the RBA’s next move. But for now, markets are marking time, waiting to see just how soft the U.S. growth story gets.

 
 Enjoy today’s charts.

Gold daily chart, with 200MDA

Silver daily chart, with 200MDA

US500, with 200MDA

ASX200, with 200MDA