Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold fell 1.1% to close at $3,334 as stocks and the dollar rose on trade optimism, pressuring safe-haven assets. Bullion ended the week 0.6% lower. Silver dropped 2.2% for the day and 0.1% for the week to finish at $38.17 an ounce.

The European Commission said today that a trade agreement between the EU and US is within reach, although individual member nations are readying sizable tariffs against the US if a deal is not forthcoming. Baseline duties on imports from the EU to the US are estimated to be 15%.

Relief about easing global trade tensions sent all major US stock indexes higher, with the S&P 500 reaching a new record high. The rise in risk appetite came despite data new orders for US-made capitol goods fell unexpectedly in June, and overall business spending slowed significantly in Q2 because of confusion over trade policies.

The dollar rose 0.3% against major rivals, pressuring gold and other commodities priced in it for global trade by making them more expensive in other currencies.

Platinum fell 1.2% for a weekly loss of 2.2%. Palladium dropped 0.9% today and 4.8% this week.

At the New York spot close: gold fell $37 to $3,334; silver shed 85 cents to $38.17; platinum slid $17.20 to $1,407.40; and palladium shed $11.55 to $1,229.70 an ounce.