Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold climbed 0.4% to close near $1,336 as concerns about the US-China trade war and rising global tensions undercut risk appetite, pressuring stocks and boosting safe-haven assets. It was the metal's ninth rise in the past ten sessions.

President Trump repeated his threat to raise tariffs on Chinese goods to 25% if a deal is not reached when he meets with his counterpart in late June. He added that he has no interest in moving forward without concessions on four or five major points.

Geopolitical tensions added to risk-off sentiment after Iran-backed Yemeni rebels fired a cruise missile at a Saudi airport, wounding 26 just hours before the arrival of Japanese PM Shinzo Abe. And Hong Kong police used water canons and tear gas on pro-democracy protestors rallying against legislation allowing extradition to mainland China.

The Dow and Global Dow down 0.2% and 0.4%, respectively, while Treasury yields fell as investors shifted away from risk and toward safety.

The dollar edged up 0.2% against major rivals, capping gold's gains, as tensions spurred haven buying. Global investors must convert into dollar to buy Treasurys. A stronger dollar weighs on gold and the commodities by making them more expensive overseas.

Also boosting the metal, consumer inflation was muted in May, with the CPI rising just 0.1%, the least in four months. Weakening inflation makes it easier for the Fed to cut interest rates, which would support by making the dollar less attractive to forex traders seeking higher yield.

The other precious metals were mostly higher, with silver and palladium rising 0.2% and 0.5%, respectively, while platinum slid 0.2%.

At the Comex close: August gold gained $4.60 to $1,335.80; July silver added 3 cents, to $14.77; July platinum slid $1.20 to $813.10; and September palladium picked up $6.80 to $1,396 an ounce.