Current Prices: Gold USD 2662.42/oz (AUD 4282.04) And Silver USD 30.09/oz (AUD 48.44)
Gold prices hit a near four-week high on Wednesday after a weaker-than-expected private employment report for December provided reassurance for some in the market that the U.S. Federal Reserve may be less cautious about easing rates this year. Spot gold rose by 0.5%, trading near $US2661.57, and silver rose by 0.19%, trading near $US30.10 an ounce at the US close.
US share markets were mixed on Wednesday. Equities barely budged after the Fed’s December meeting minutes showed officials deciding to move more slowly in the months ahead amid elevated inflation risks. With around an hour left of trade on Wall Street, the Dow Jones index was up by 27 points or 0.1%, the S&P 500 index gained less than 0.1%, and the Nasdaq index shed 19 points or 0.1%.
US government bond yields were little changed on Wednesday. ADP payroll growth slowed sharply in December, but new applicants for unemployment benefits unexpectedly fell last week. The US Treasury sold $US22 billion of 30-year notes at a yield of 4.913% into solid demand. The US 10-year Treasury yield was little changed at 4.69%. The US 2-year Treasury yield fell 1 point to 4.28%.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US62.35 cents to US61.86 cents was near US62.10 cents in late US trade.
In US economic data, initial jobless claims fell by 10,000 last week to 201,000 (survey: 215,000). ADP private payroll jobs increased by 122,000 in December (survey: +140,000).
Australian gold prices rose by 0.73% (+31.21 per oz) to AUD 4282.04 at the US close.
Australian silver prices were up 0.46% (+0.22 per oz) to AUD 48.45 at the US close.
The current Gold and Silver Ratio is 88.41
Current AUD/USD is 0.6213
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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