Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold eased 0.1% to hold above $1,880 after President Trump's signing of the pandemic relief bill spurred risk appetite, undercutting demand for alternative assets. The metal reached as high as $1,904 in intraday trading before falling back on profit-taking.

After refusing for nearly a week, President Trump changed course and signed into law a $2.3 trillion spending package late yesterday that will keep the government open for fiscal 2021 and extend $900 billion in relief to Americans affected by COVID-19.

Wall Street cheered the news, with all three major indexes pushing to new record highs. The Dow rose 0.7% while the S&P 500 and Nasdaq picked up 0.9% and 0.8%, respectively.

After falling overnight, the dollar rallied back to neutral by midday, pressuring gold and other commodities priced in it for global trade.

Oil fell 1.2% as worries about the pandemic outweighed optimism over the signing of the relief bill. Gold often trade in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were higher, with silver rising 2.4% while platinum and palladium picked up 1.4% and 0.3%, respectively.

At the Comex close: February gold dipped $2.80 to $1,880.40; March silver rose 63 cents to $26.54; January platinum added $14.20, to $1,043.10; and March palladium picked up $5.90, to $2,351.80 an ounce.