Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold climbed 1.2% to close above $1,834 as Congressional progress toward another huge coronavirus stimulus package stoked demand for the metal as a hedge against inflation.

Democrats in Congress approved a budget outline that will enable the Biden administration to push through its proposed $1.9 trillion pandemic relief package without threat of a filibuster from Senate Republicans.

Treasury Secretary Janet Yellen urged Congress to approve the plan, saying yesterday that it will allow the US to achieve full employment by next year. Friday's dismal nonfarm payrolls report added new urgency to the stimulus bill after the economy added just 49,000 jobs in January.

Wall Street rallied on bets that additional stimulus, coupled with the accelerating roll out of vaccines, will fuel growth in coming quarters. All three major indexes rose more than 0.4% to reach new all-time highs.

Oil surged on recovery optimism, with Brent crude adding 2.1% to touch $60 per barrel for the first time in more than a year. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Treasury yields pushed higher alongside gold on rising inflation expectations, with the 30-year Treasury yield passing 2% for the first time since the pandemic began.

The other precious were also higher, with silver rising 2.1% while platinum and palladium picked up 3.7% and 0.4%, respectively.

At the Comex close: April gold climbed $21.20 to $1,834.20; March silver added 56cents, to $27.58; April platinum gained $42.20 to $1,177.20; and March palladium picked up $10.40 to $2,336.70 an ounce.