Current Prices: Gold USD 2072.30/oz (AUD 3107.37) And Silver USD 25.50/oz (AUD 38.24)
Gold prices rallied to an all-time high on Friday after the remarks from Federal Reserve Chair Jerome Powell. Spot Gold climbed almost 1.8% trading near $US 2072 an ounce at the US close. Gold jumped 4.3% over the week. Silver also rallied 0.9% trading near $US 25.47 per ounce, set for a third consecutive weekly rise.
In US share markets the Dow Jones index rose by 295 points or 0.8%, its highest close since January 2022. The S&P 500 index gained 0.6% and the Nasdaq index added 79 points or 0.6%. For the week, the Dow rose 2.4%, the S&P 500 rallied 0.8% and the Nasdaq gained 0.4%, all up for a fifth consecutive week.
US government bond yields fell on Friday. The US 10-year Treasury yield fell by 14 points to 4.21%. And the US 2-year Treasury yield slid 16 points to 4.55%. For the week, the 10-year yield fell by 26 points with the 2-year yield down 40 points.
Currencies were mixed against the US dollar in European and US trade. The Aussie dollar lifted from US65.98 cents to US66.75 cents and was near US66.70 cents at the US close.
In US economic data, construction spending rose 0.6% in October (survey: +0.3%). The S&P Global factory PMI fell from 50 to 49.4 in November (survey: 49.5). The ISM manufacturing index was steady at 46.7 in November but below expectations. On Friday Federal Reserve Chair Jerome Powell vowed to move “carefully” on interest rates, describing the risks of going too far with tightening as “more balanced” with risks of not controlling inflation.
Australian gold prices rose by 0.69% ($21.24 per oz) to AUD 3103.77 at the US close.
Australian silver prices fell by 0.25% ($0.10 per oz) to AUD 38.16 at the US close.
The current Gold and Silver USD Ratio is 81.37
Current AUD/USD is 0.66721
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
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