The December non-agricultural employment report released on Friday (January 8) was mixed. The U.S. dollar index refreshed its high since December 29 to 90.25. The rise in U.S. bond yields prompted some investors to lift some short bets on the U.S. dollar. The market is waiting The final details of the Biden government’s economic stimulus measures. Gold and silver plummeted. Spot gold once plunged US$85 to a new low of US$1,28.44 per ounce since December 15 last year. Spot silver plunged as much as nearly 10%. The strong US dollar and the soaring long-term U.S. bond yields hit the precious metals market. Saudi Arabia’s production cut plan stimulated a surge in physical crude oil buying. Oil prices rose for four consecutive days, a cumulative increase of nearly 9% this week.
This week, gold experienced a sharp decline. Due to the rise in the US dollar, confidence was restored, and the hedging function of gold and silver was slightly weakened. Some of the funds that profited from the rally left the market, resulting in a continuous decline in gold in a short period of time. The current price is 1847.69. Monday. The opening quotation is likely to gap up and open lower and enter a low consolidation market. The possibility of an optimistic rebound in prices in the coming week is unlikely.