Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold dropped 0.9% to close under $3,382 after news of China-US trade negotiations boosted the dollar, spurring traders to take profits from bullion's 3% rally to a two-week high yesterday. Silver fell 1.8% to finish at %+$32.53 an ounce.

The White House announced that US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese counterparts in Geneva this weekend to begin trade negotiations. While little progress is expected, these preliminary talks lifted optimism for an eventual agreement.

Meanwhile, the Fed left interest rates unchanged, as expected. In the accompanying policy statement, the central bankers warned that the uncertainty surrounding the economic outlook "has increased further" and "the risks of higher unemployment and inflation have risen" because of the new tariff regime.

The dollar jumped 0.4% against major rivals, pressuring gold and other commodities by making them pricier in other currencies.

Platinum and palladium shed 0.6% and 0.3%, respectively.

At the New York spot close: gold dropped $30 to $3,381.40; silver slid 58 cents to $32.58; platinum lost $5.60 to $981.70; and palladium dipped $2.65 to $976.85 an ounce.