Spot pricing for Gold
$AU3871

Spot pricing for Silver $AU45.73

Spot pricing for Platinum $AU1456

Iran’s missile strike on Tuesday contributed to a decent selloff for US stocks sending oil prices skywards.
With uncanny timing, Dockworkers in the US staged a massive strike which contributed to the spike in oil prices and may well cause further inflationary pressure on general goods as well. Months before Christmas and putting pressure on global trade has ports everywhere now worried that goods simply won’t make it in time.

Resultantly, the US share market suffered its worst day in a month, as Bulls scratched their heads thinking that everything was looking pretty good for markets moving forward.

Gold has consolidated well within the US$2660 range and is dancing around an RSI of 70. With so much conflict and political news currently circulating, bullion is definitely holding its own during this period.

In Australian news, the RBA has just blacklisted Westpac for suspected leaking of off-record discussions with then deputy governor Michele Bullock. Westpac is now the 3rd bank to be punished by the RBA for privacy leaks, and in a climate where everyone is asking ‘When are we reducing rates’ it’s no wonder the banks are finding methods to retrieve any information they possibly can. The RBA is estimated to begin reducing rates in early 2025, however, they are still cautious to ensure that inflation is under control before committing. Many economists are predicting rate cuts will not be brought forward, and are suggesting the first cut will occur mid 2025.

Enjoy today’s charts

Gold daily chart, with 200MDA