Watch the share prices of local gold stocks like Newcrest, St Barbara, Evolution, Northern Star and Saracen after a big fall in futures prices on Friday.
Comex gold futures settled sharply lower on Friday after solid US November employment report was released with 266,000 new jobs created.
Fears about the fallout from the US-China trade brawl faded as did worries about a weak pace of activity in the US economy.
This week’s meeting of the Federal Reserve and worries about the results of the UK general election on Thursday were also pushed aside by the realisation that the US economy remains in good shape heading into 2020.
February gold on Comex slumped $US18, or 1.2%, to settle at $US1,465.10 an ounce, while March silver gave shed 46.3 cents, or 2.7%, to $US16.596 an ounce.
For the week, gold lost 0.5%, while silver suffered a weekly decline of 3%, according to FactSet data.
But Comex March copper finished 2.3% higher to $US2.725 a pound, for a weekly gain of 2.4%.
Copper prices have been seen as a barometer of confidence in the Chinese economy and the recent strengthening in futures prices tells us that investor fears have faded for the time being.
