Current Prices: Gold USD 2055.30/oz (AUD 3126.32) And Silver USD 23.19/oz (AUD 35.29)
Gold prices firmed nearer a one-month high on Thursday after data showed U.S. weekly jobless claims rose last week, while market focus shifted to the U.S. non-farm payrolls data for more cues on the Federal Reserve’s policy path. Spot gold was by 0.80% trading near $US2054.65 an ounce at the US close. Silver also rose by 1.00% trading near $US 23.15 per ounce at the close.
US share markets rebounded on Thursday, a day after the Fed held steady on interest rates but signalled a March rate cut unlikely. Tech giants Apple, Amazon.com and Meta Platforms rose 1.1-2.1% ahead of earnings results due at the close of trade. With around an hour left of trade, the Dow Jones was up by 297 points or 0.8%, the S&P 500 gained 1.1% and the Nasdaq added 188 points or 1.2%.
US government bond yields dropped to their lowest levels in 2024 on Thursday, one day after US the Fed held benchmark interest rates steady. The US 10-year Treasury yield fell by 4 points to 3.87%. And the US 2-year Treasury yield dipped 3 points to 4.20%.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US65.07 cents to US65.73 cents and was near US65.70 cents in late US trade.
In US economic data, initial jobless claims rose by 9k to 224k last week (survey: 212k). Productivity rose 3.2% in Q4 (survey: +2.5%) with unit labour costs up 0.5% (survey: +1.2%). Construction spending lifted 0.9% in December (survey: +0.5%). The ISM manufacturing index rose from 47.1 to 49.1 in January (survey: 47.2). The S&P Global factory index rose from 47.9 to 50.7 in January (survey: 50.3).
Australian gold prices rose by 0.69% ($21.27 per oz) to AUD 3126.25 at the US close.
Australian silver prices rose by 0.93% ($0.32 per oz) to AUD 35.25 at the US close.
The current Gold and Silver Ratio is 88.71
Current AUD/USD is 0.65724
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
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