Current Prices: Gold USD 2648.46/oz (AUD 4250.83) And Silver USD 30.04/oz (AUD 48.22)
Gold prices pared earlier gains on Tuesday, pressured by a strengthening dollar and Treasury yields after rising U.S. job openings signalled diminishing odds of large rate cuts by the Federal Reserve. Spot gold rose by 0.48%, trading near $US2648.46, and silver rose by 0.36%, trading near $US30.04 an ounce at the US close.
US share markets fell on Tuesday after a batch of upbeat US economic data spurred bets the US Federal Reserve won’t cut interest rates again before July amid inflation pressures. A sell-off in bigtech was also a drag on equities. With around an hour left of trade on Wall Street, the Dow Jones index was down by 91 points or 0.2%, the S&P 500 index slipped 0.8% and the Nasdaq index shed 315 points or 1.6%.
US government bond yields rose on Tuesday after US job openings lifted to a six-month high in November. Growth service providers quickened in December, reflecting stronger business activity that helped push a price measure to the highest since early 2023. The US Treasury sold $US39 billion of 10-year notes at a yield of 4.68%, the highest since 2007. The US 10-year Treasury yield rose by 5 points to near an eight-month high of 4.68%. The US 2-year Treasury yield lifted 2 points to 4.39%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US62.87 cents to US62.33 cents and was near US62.40 cents in late US trade.
In US economic data, the ISM services index rose from 52.1 in November to 54.1 in December (survey: 53.5). JOLTS job openings lifted from 7.8 million in October to 8.1 million in November (survey: 7.7 million). The trade deficit widened by $US4.6 billion in November to $US78.2 billion (survey: -$US78.3 billion).
Australian gold prices rose by 0.71% (+30.11 per oz) to AUD 4250.83 at the US close.
Australian silver prices were up 0.59% (+0.28 per oz) to AUD 48.22 at the US close.
The current Gold and Silver Ratio is 88.15
Current AUD/USD is 0.6229
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Return
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
By: William Tao Guardian Gold Precious Metal Analyst
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