Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold fell 1% after modestly better U.S. economic data spurred a resurgence of risk appetite. First-time jobless claims fell by 12,000 to 344,000 last week, giving hopes of a healing labor market despite a slight up-tick in continuing claims. Retail sales rose in May by the most in three months, driven by rising demand for cars, building materials, and groceries. While the increase is not enough to make a meaningful difference in GDP, which is still expected to grow by less than 2% this quarter, traders nonetheless poured back into equities after three straight days of liquidations, adding 180 points to the Dow and nearly 1.5% to the S&P 500. Precious metals fell across the board on lower safe-haven demand, with silver dropping 1%. Platinum and palladium tumbled 2.3% and 3.4%, respectively, after mining strikes in South Africa were postponed.

At the Comex close: August gold fell $14.20 to $1,377.80; July silver dropped 22 cents to $21.58; July platinum shed $35.20 to $1,447.10; and September palladium surrendered $26 to $731.05 an ounce.