Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.2% close under $1,956 as concerns about monetary tightening outweighed slipping bond yields and a pullback in the dollar. It was the metal's lowest finish in a week.

San Francisco Fed President Mary Daly said today that the "case is complete" for half-point rate hikes several times this year, perhaps as soon as the Fed's May meeting. She projects the benchmark rate to reach 2.5% to contain 8.5% inflation, the strongest in 40 years.

The Fed's Beige Book showed the US economy growing steadily through April, but high inflation is dimming the outlook for upcoming months. Russia's war on Ukraine is further fueling price pressure in energy, natural resources, and food staples like wheat and corn.

The IMF lowered in global growth outlook by 0.8% to 3.6% this year, down from 6.1% in 2021, because of the Ukraine war. The US is projected to grow 3.7%, down from the previous forecast of 4%.

Benchmark 20-year Treasury yields retreated on the growth concerns, backstopping gold's decline. The dollar retreated alongside yields, sliding 0.6% as the yen rebounded from 20-year lows on bargain-hunting.

Silver demand rose to record highs in 2021 and is forecast to reach another record this year, according to the Silver Institute's World Silver Survey. Industrial use rose 9% to an all-time high of 508.2 million ounces while investment in silver bullion surged 36% to nearly 279 ounces, the most in seven years.

The other precious metals were mostly lower, with silver and platinum dropped 0.5% and 0.2%, respectively, while palladium rose 3.4%.

At the Comex close: June gold dipped $3.40 to $1,955.60; May silver dropped 12 cents to $25.27; July platinum slipped $1.70 to $987; and June palladium picked up $81.70 to $2,462.10 an ounce.