The yellow metal is heading to close the third week in a row after a few hours negative, despite its daily gains, as it trades today, Friday, December 3, at levels of 1772 dollars per ounce, the last sessions of the week, up 0.20% today, Friday, and a weekly decline of about 0.90% or 17 dollars, as it overcame Jerome Powell’s midweek testimony on rising market concerns about Omicron and the spread of the new strain.

In terms of economic data, we followed this evening the report issued by the United States Bureau of Labor Statistics, which showed that only 201 thousand jobs were added in November, compared to the addition of 531 thousand jobs in October, before it was adjusted to 546 jobs, much less than market expectations, which indicated the creation of estimated jobs. With 556 thousand jobs, on the other hand, unemployment rates fell by 0.4% to 4.2%, while expectations indicated a decline to 4.5%.

The fluctuations in the US dollar index during the week were reflected in the prices of the metal, which was subjected to a lot of fluctuations since the beginning of the week, to trade between the levels of 1760-1806 dollars during the week, as it rose at the beginning of the week with the emergence of Omicron cases in many countries and the rise in concerns about the ineffectiveness of the current vaccine with The new breed, according to the statements of the CEO of Moderna, before he retracted strongly with the statements of Jerome Powell in his testimony before Congress on Tuesday and Wednesday, in which he announced for the first time that inflation is high and that a word should be temporarily deleted and indicated that he will consider the pace of accelerating the pace of reducing purchases in the next meeting. Supporting the rises of the US dollar, on the other hand, it reflected a decline in the yellow metal.

On the other hand, the US dollar is heading to close the week with weak gains of about 0.15% in the current figures, at which the general index of the US dollar is trading at 96.30 despite the negative data, but as we mentioned in our morning report that any weak data does not mean a change in the plans of the US Federal Reserve and that the markets will translate it into declines temporary US dollar before it analyzes the data.
Silver also recorded declines for the third week in a row by more than 3.5% weekly and 0.56% today, and it is now trading at levels of $22.25 per ounce, the lowest level in two months.