It was a difficult session for precious metal investors overnight. Gold and silver futures sold off sharply, with gold dropping to a seven-week low and silver falling nearly 5%. The 10-year Treasury yield rose to a 19-year high.
In contrast, Brent crude was higher, holding around US$105 ($149) per barrel, while there is still no resolution to the Iran issue.
US stocks were also lower, with the S&P 500 down 0.78% and the Nasdaq down 0.9%. Australian SPI futures were flat. There was major news from NVIDIA (NASDAQ:NVDA), which announced an additional US$150 billion share buyback authorisation, the largest increase in share repurchase authorisation on record.
Jensen Huang, co-founder and CEO of NVIDIA, said:
“NVIDIA’s growth is being driven by a once-in-a-generation platform shift to AI and accelerated computing.
“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders. This authorisation reflects our confidence in the long-term opportunity ahead.”
NVIDIA is a major beneficiary of the huge capital expenditure taking place in the US among hyperscalers.
Write to Callum Newman at Mining.com.au
Main image: Unsplash
