Current Prices: Gold USD 1924.22/oz (AUD 2878.56) And Silver USD 23.05/oz (AUD 34.49)
Gold prices rose on Friday and were on track for their first weekly gain in four as the dollar and bond yields fell after weaker U.S. nonfarm payroll numbers cast doubts over the trajectory of interest rate hikes beyond July yet again. Spot gold rose by 0.7% and was trading near $US1,925 an ounce at the US Close. Bullion gained 0/2% last week. Elsewhere, spot silver also rose 1.5% to $23.08 an ounce.
US share markets slipped on Friday. At the close of trade, the Dow Jones index fell by 187 points or 0.6%. The S&P 500 index dipped by 0.3% and the Nasdaq index shed 18 points or 0.1%. For the week, the Dow Jones slid 2%, the S&P 500 fell by 1.2% and the Nasdaq dropped 0.9%.
US government bond yields were mixed on Friday. The US 10-year Treasury yield rose by 3 points to 4.07%. But the US 2-year Treasury yield fell by 6 points to 4.95%. For the week, the 10-year yield jumped by 25 points with the 2-year yield up by 7 points.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US66.21 cents to US67.00 cents and was near US66.75 cents at the US close.
In US economic data, nonfarm payrolls (employment) rose by 209,000 in June (survey: +230,000). The unemployment rate eased from 3.7% in May to 3.6% in June (survey: 3.6%) with the participation rate steady at 62.6% (survey: 62.6%). Average hourly earnings rose by 0.4% in June to be up 4.4% on a year ago (survey: 4.2%, prior: 4.4%). U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME’s FedWatch. The Fed did not hike rates in June but is widely expected to resume increases at its July meeting. Dallas Fed President Lorie Logan said there was a case for a rate rise at the June policy meeting.
Australian gold prices were down by 0.24% ($6.86 per oz) to AUD $2877.37 at the US close.
Australian silver prices rose by 0.60% ($0.21 per oz) to AUD $34.50 at the US close.
Current Gold and Silver Ratio is 83.50
Current AUD/USD is 0.66853
Gold Price in AUD Chart
Silver Price in AUD Chart
Silver Price in AUD Chart
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