Current Prices: Gold USD 1912.04/oz (AUD 2884.70) And Silver USD 22.74/oz (AUD 34.31)
Gold prices slipped to a near one-week low on Thursday after a better-than-expected U.S. private payrolls report fuelled expectations for more rate hikes from the Federal Reserve, lifting Treasury yields higher. Spot gold fell by 0.2% and was trading near $US1,911 an ounce at the US Close. Spot silver dipped 1.8% to $22.68 an ounce.
US share markets fell for a second day in a row on Thursday amid a spike in US government bond yields after surprisingly strong US private sector hiring data from payroll processing firm ADP. The S&P 500 index dipped by 0.8% and the Nasdaq index shed 113 points or 0.8%.
US government bond yields rose as Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a continued above-target inflation outlook and a stronger-than-expected labor market “calls for more-restrictive monetary policy.” The US 10-year Treasury yield rose by 9 points to 4.03%. The US 2-year Treasury yield lifted 4 points to 4.99% after rising to 5.12%, the highest since June 2007.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US66.87 cents to US65.99 cents and was near US66.25 cents at the US close.
In US economic data, initial jobless claims rose by 12,000 to 248,000 last week (survey: 245,000). ADP employment lifted by 497,000 in June (survey: +225,000). JOLTS job openings fell from 10.3 million to 9.8 million in May (survey: 9.9m). Challenger job cuts fell from 80,089 in May to 40,709 in June (survey: 103,000). The ISM services index rose from 50.3 to 53.9 in June (survey: 51.2). The S&P Global services index fell from 54.9 to 54.4 in June (survey: 54.1). The trade deficit narrowed by $US5.4bn to $US69bn in May (survey: -$US69bn).
Australian gold prices were up by 0.21% ($6.1 per oz) to AUD $2884.23 at the US close.
Australian silver prices fell by 1.32% ($0.46 per oz) to AUD $34.29 at the US close.
Current Gold and Silver Ratio is 84.16
Current AUD/USD is 0.66294
Gold Price in AUD Chart
Silver Price in AUD Chart
Silver Price in AUD Chart
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