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Gold/Silver Ratio Hits New YTD Highs

PRECIOUS METALS
  • Commodity-tied currencies are leading the way lower in G10, with AUD, CAD, NOK all hitting new lows through the NY crossover after the dovish read of the RBA rate hike as well as the recent turn lower for equities and crude oil on the day.
  • Precious metals are similarly weak, with gold and silver both coming under pressure from the USD's pre-Powell advance.
  • Spot silver trades lower by near 1.8% through the US equity open, helping push the gold/silver ratio to its highest levels since mid-October last year. A further rise to 90.71 would fully erase the Q4 pullback in the metric.

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