Current Prices: Gold USD 2039.84/oz (AUD 3130.28) And Silver USD 22.70/oz (AUD 34.85)
Gold prices slipped on Friday as dollar and yields jumped after a strong US nonfarm payrolls report. Spot gold was down by 0.80% trading near $US2038 an ounce at the US close. But the prices were up 1% over the week. Silver lost 2% trading near $US 22.68 per ounce at the close and it was down 0.5% for the week.
In US share markets the Dow Jones index rose by 135 points or 0.4% and the S&P 500 index gained 1.1%, both closing at record highs. The Nasdaq index lifted 267 points or 1.7%. For the week, the Dow and the S&P 500 both lifted 1.4% and the Nasdaq added 1.1%. It was the fourth week in a row of gains for the major benchmarks.
US government bond yields surged on Friday, with the US 10-year Treasury yield marking its largest one-day advance since September 2022. Fed Governor Michelle Bowman said it’s still too soon to consider lowering rates. The US 10-year Treasury yield jumped 16 points to 4.02%. And the US 2-year Treasury yield shot up 18 points to 4.37%. But the 10-year fell by 12 points and the 2-year rose 2 points over the week.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US66.09 cents to US65.02 cents and was near US65.10 cents at the US close.
US economic data nonfarm payrolls rose by 353,000 in January, stronger than consensus at 185,000. The jobless rate was steady at 3.7%. Average hourly earnings also rose stronger than expected, up by 0.6% in January to be 4.5% higher than a year ago. University of Michigan consumer sentiment index rose from 69.7 to 79 in January, higher than expected. According to the CME Fed Watch, opens new tab Tool, traders now expect about a 70% chance of a U.S. rate cut in May, compared to 92% before the data.
Australian gold prices rose by 0.18% ($5.50 per oz) to AUD 3131.74 at the US close.
Australian silver prices fell by 1.20% ($0.42 per oz) to AUD 34.83 at the US close.
The current Gold and Silver Ratio is 89.93
Current AUD/USD is 0.65139
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
Gold (Yellow) vs Silver (White) vs ASX200 (Green) Rolling 12 Month Returns
To follow our market commentary and more, create a free trading account online HERE.
Featured Product
Follow Us On Socials
Disclaimers: Guardian Gold, Registered Office, Scottish House, 100 William Street, Melbourne, Victoria, 3000. ACN 138618176 (“Guardian Vaults” & “Guardian Gold”) All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher and/or the author. Information contained herein is believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation. Guardian Gold, its officers, agents, representatives and employees do not hold an Australian Financial Services License (AFSL), are not an authorised representative of an AFSL and otherwise are not qualified to provide you with advice of any kind in relation to financial products. If you require advice about a financial product, you should contact a properly licensed or authorised financial advisor. The information is indicative and general in nature only and is prepared for information purposes only and does not purport to contain all matters relevant to any particular investment. Subject to any terms implied by law and which cannot be excluded, Guardian Gold, shall not be liable for any errors, omissions, defects or misrepresentations (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (direct or indirect) suffered by persons who use or rely on such information. The opinions expressed herein are those of the publisher and/or the author and may not be representative of the opinions of Guardian Gold, its officers, agents, representatives and employees. Such information does not take into account the particular circumstances, investment objectives and needs for investment of any person, or purport to be comprehensive or constitute investment or financial product advice and should not be relied upon as such. Past performance is not indicative of future results. Due to various factors, including changing market conditions and/or laws the content may no longer be reflective of current opinions or positions. You should seek professional advice before you decide to invest or consider any action based on the information provided. If you do not agree with any of the above disclaimers, you should immediately cease viewing or making use of any of the information provided.
