Current Prices: Gold USD 1836.30/oz (AUD 2,728.12) And Silver USD 20.93/oz (AUD 31.08)
Gold prices edged lower by 0.1% on Thursday as US jobs data lifted the dollar and yields. Spot gold was trading near $US1,835 an ounce in late US trade. While Spot silver is down 0.44% to $20.74 per ounce.
US share markets rose on Thursday after Federal Reserve Bank of Atlanta President Raphael Bostic said the US central bank could be in a position to pause interest rate hikes sometime in the US summer. Major indexes reversed earlier losses after strong labour market data supported the case for further rate hikes. With less than an hour left of trade, the Dow Jones index was up by 275 points or 0.8%. The S&P 500 index gained 0.5% and the Nasdaq index added 49 points or 0.4%.
US government bonds fell on Thursday (yields higher) after strong US labour market data reinforced concerns that the US Federal Reserve will need to raise interest rates more to cool the economy. US 10-year treasury yields rose by 8 points to 4.08%. And US 2-year treasury yields lifted by 2 points to 4.91%, near the highest level since July 2007.
Major currencies were weaker against the US dollar in European and US trade. The Aussie dollar eased from US67.46 cents to US67.07 cents and was near US67.30 cents in late US trade.
In US economic data, initial jobless claims fell by 2,000 to 190,000 last week (survey: 195,000). Unit labour costs lifted 3.2% in the December quarter (survey: +1.6%) with nonfarm productivity up 1.7% (survey: +2.5%). Fed funds futures tied to the Fed’s policy rate see about an even chance that the rate will get to a range of 5.5%-5.75% by September, from the current range of 4.5%-4.75%.
Australian gold prices rose by 0.41% ($10.97 per oz) to AUD $2728.12 at the US close.
Australian silver prices rose by 0.02% ($0.01 per oz) to AUD $31.08 at the US close.
Current Gold and Silver Ratio is 87.82
Gold Price in AUD Chart
Silver Price in AUD Chart
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