Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold dipped 0.3% to close under $3,321 as optimism over US-China trade talks lifted the dollar, pressuring alternative stores of value. Silver slipped 0.8% to finish at $36.54 an ounce.

Representatives of the US and China met for a second day to try to come to acceptable terms over tariffs. Commerce Secretary Howard Lutnick reported the talks were "going well," though no other details were released.

The dollar rose 0.2% against major rivals on hopes that the world's two biggest economies can dial back the posturing and allow global trade to continue with fewer constraints. A stronger dollar weighs on gold and other commodities by making them cheaper overseas.

Also supporting the dollar is the expectation that this week's CPI release may show consumer inflation rising because of the aggressive tariffs imposed by the White House. Higher inflation would likely require the Fed to keep interest rates elevated for longer. Economists polled by Reuters this week project no rate cuts until September.

Platinum and palladium lost 0.3% and 1.5%, respectively.

At the New York spot close: gold dipped $11.20 to $3,320.90; silver slid 30 cents to $36.54; platinum shed $3.80 to $1,209.80; and palladium retreated $16.40 to $1,068 an ounce.