Gold prices fell marginally week-on-week, easing by 1.3% in US dollar terms to US$3,338.1 an ounce by the end of last week.
ABC Bullion notes the decline in Australian dollar terms was milder, falling by 1.%, with local investors cushioned by a 0.3% decrease in the Australian dollar to US$0.6497.
Silver’s performance was “muted week-on-week, remaining unchanged in AUD terms and falling by 0.4% in USD terms, still holding on to the US$38oz price level”.
Meanwhile, ABC Bullion reports that Bitcoin enjoyed a substantial gain in a week, hitting $124,480 – its highest level since mid-July.
“It has however retreated overnight to $118,262. The recent price surge has been fuelled by the Trump administration’s relaxed regulatory approach and growing institutional adoption when it comes to cryptocurrencies and cryptocurrency ETFs,” ABC Bullion says.
The S&P 500 and tech-heavy Nasdaq rose 2% and 1.2% respectively, with the ASX 200 also showing strong performance, gaining 0.5% week-on-week driven by fresh inflation data and interest rate cuts, according to ABC Bullion.
The RBA cut interest rates by 25 basis points during its August meeting, delivering its third interest rate cut this year, taking the cash rate to 3.6%. ABC Bullion says the RBA is likely comfortable enough with local inflation pressures, with CPI and trimmed mean inflation sitting comfortably within the RBA’s target band of 2% to 3%, at 2.1% and 2.7% respectively in the 12 months to the June 2025 quarter.
The ABC Bullion Precious Metal Forum, Gold and the New World Order, is on 19 August at the Ivy Ballroom in Sydney. The forum will be headlined by a keynote presentation from New York Times best-selling author and globally renowned precious metals expert Jim Rickards.
Write to Adam Orlando at Mining.com.au
Images: Aguia & ABC Bullion
