Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1.1% to close under $1,780 as upbeat data prompted traders to take profits from the recent rally. Finishing above $1,800 yesterday for the first since 2011, the metal closed out a quarterly rise of 13%, its best in four years.

Brightening the employment picture, ADP reported nearly 2.4 million workers were rehired by the private sector in June. In addition, May's totals were revised from a loss of 2.76 million to a gain of 3.1 million, in line with federal numbers.

The ISM manufacturing index rose to 52.6% in June, signaling a solid comeback from May's 43% and the 11-year low of 41% in April. Any reading over 50% means more firms are expanding than contracting.

Damping some of the data-driven enthusiasm, San Francisco Fed President Mary Daly said today the economy will take five years to recover in the best-case scenario, with unemployment remaining above 10% into 2021.

The other precious metals were also lower, with silver dropping 2.3% while platinum and palladium fell 2% and 1.8%, respectively.

At the Comex close: August gold dropped $20.60 to $1,779.90; September silver lost 42 cents to $18.22; October platinum slid $16.80 to $834.40; and September palladium lost to $36.20 to $1,930.70 an ounce.