Current Prices: Gold USD 2004.20/oz (AUD 3047.19) And Silver USD 23.03/oz (AUD 35.06)
Gold prices retreated on Friday as the dollar and treasury yields strengthened after the jobs data. Spot gold fell by 1.2% trading near $US2003 per oz at the US close. Gold fell 3.6% over the week, the worst week in ten. Silver lost 3.35% trading near $US 23 per ounce, eyeing its worst week since October 2022.
US share markets advanced on Friday with the Dow Jones index up by 130 points or 0.4%, the S&P 500 index also gained 0.4% and the Nasdaq index added 64 points or 0.5%. For the week, the Dow Jones edged up 0.01%, the S&P 500 lifted 0.2% and the Nasdaq gained 0.7%.
US government bond yields jumped on Friday. The US 10-year Treasury yield rose by 10 points to 4.23%. And the US 2-year Treasury yield lifted 14 points to 4.72%. For the week, the 10-year rose by 1 point with the 2-year up 15 points. Traders of short-term U.S. interest-rate futures on Friday pared bets the Fed will start cutting interest rates in March after the report, and now see a May start to rate cuts more likely.
Currencies were weaker against the US dollar in European and US trade. The Aussie dollar dipped from US66.17 cents to US65.58 cents and was near US65.75 cents at the US close.
In US economic data, US nonfarm payrolls rose by 199,000 in November (survey: +185,000) and the unemployment rate fell to 3.7%, from 3.9%, compared to the consensus of 3.9%. Average hourly earnings lifted 0.4% in November (survey: +0.3%) to be up 4% on the year. The University of Michigan consumer sentiment index rose from 61.3 in November to 69.4 in December (survey: 62).
Australian gold prices fell by 0.80% ($24.62 per oz) to AUD 3048.06 at the US close.
Australian silver prices fell by 3% ($1.08 per oz) to AUD 34.98 at the US close.
The current Gold and Silver USD Ratio is 87.26
Current AUD/USD is 0.6576
Gold (Yellow) vs Silver (White) vs ASX200 (Green) YTD Returns
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