Current Prices: Gold USD 2295.26/oz (AUD 3471.69) And Silver USD 26.51/oz (AUD 40.09)
Gold prices stabilised on Friday after falling to almost a 1-month low of $2,282 earlier. Spot gold was flat trading near $US 2301.74 an ounce at the US close and silver fell 0.47% trading near $US 26.54 an ounce. Over the week, gold is down 1.54% and Silver is also down 2.37%.
US share markets surged on Friday. The Dow Jones index rose by 450 points or 1.2%, the S&P 500 index gained 1.3% -the most since February -and the Nasdaq index added 315 points or 2%. For the week, the Dow and Nasdaq rose 1.1% and 1.4%, respectively, while the S&P 500 added 0.6%.
US government bond yields tumbled on US economic data. The US 10-year Treasury yield fell 7 points to 4.50% and the US 2-year Treasury yield slid 7 points to 4.81%. On the week, the 10-year yield was down 17 points, the biggest fall since mid-December. The 2-year yield lost 19 points, its largest decline since January.
Currencies were stronger against the US dollar in European and US trade. The Aussie dollar lifted from US65.66 cents to US66.44 cents and was near US66.10 cents at the US close.
In US economic data, non-farm payroll jobs rose by 175,000 in April (survey: +240,000), the fewest since October 2023. The jobless rate rose from 3.8% to 3.9% (survey: 3.8%). Average hourly earnings grew 0.2% in April to be 3.9% higher than a year ago, the slowest pace since May 2021, also softer than expected. The ISM services index fell from 51.4 to 49.4 in April, the lowest since December 2022 also weaker than expected. Fed Governor Michelle Bowman said on Friday while reiterating her willingness to raise the policy rate if progress peters out or reverses.
Australian gold prices fell by 0.76% (-$26.63 per oz) to AUD 3482.14 at the US close.
Australian silver prices fell by 1.12% (-$0.46 per oz) to AUD 40.18 at the US close.
The current Gold and Silver Ratio is 86.60
Current AUD/USD is 0.66133
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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By: William Tao
Guardian Gold Precious Metal Analyst
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