Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% to close near $1,922 after hawkish comments from Jerome Powell boosted the dollar, undercutting alternative stores of value. It was the metal's lowest finish in 15 weeks.

Speaking at the European Central Bank annual forum in Portugal, Fed Chair Powell said consecutive rate hikes by the US are not "off the table at all." He added that the US economy "has been quite resilient" and recession is increasingly unlikely.

Christine Lagarde of the ECB and Andrew Bailey of the Bank of England also reaffirmed their intention to continue fighting inflation with elevated interest rates.

The dollar rallied 0.5% on the hawkish Fed speak as traders upped their bets on a July rate increase. Fed fund futures now place the odds of a quarter-point hike at 84% at the next Fed meeting, up from 77% yesterday, according to CME FedWatch.

A stronger dollar creates headwinds for gold by making it more expensive in other currencies, limiting overseas demand.

Gold's slide was backstopped by rising oil prices. US benchmark WTI crude climbed 2.3% to above $69 per barrel as stockpiles decreased by more than expected for the second week in a row. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also lower, with silver slipping 0.3% while platinum and palladium lost 1% and 3.7%, respectively.

At the Comex close: August gold dipped $1.60 to $1,922.20; September silver slipped 6 cents to $23.08; October platinum dropped $9.10 to $924.90; and September palladium shed $47.20 to $1,246.90 an ounce.