Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close near $1,909 as rising jobless claims and falling hopes for fiscal stimulus undercut Wall Street, boosting demand for safe-haven assets.

Applications for first-time unemployment benefits surged to a seven-week high near 900,000 as the labor market weakened under pressure from the resurging coronavirus. An additional 373,000 Americans also filed new claims under the new Pandemic Unemployment Assistance Act, which offers relief to the self-employed.

Meanwhile, COVID-19 infections in the US are climbing to a third peak, with reports of new cases trending higher in 41 states. Seventeen states, mainly in the rural Upper Midwest, are experiencing their worst surges of the pandemic.

The White House upped its offer to more than $1.8 trillion for a new COVID relief package. But Senate Major Leader Mitch McConnell repeated today that he will not allow a big stimulus package to reach the Senate for a vote.

US equities remained weak as jobless claims and stimulus pessimism smothered risk appetite. The Dow and S&P 500 traded mostly in the red all session while the Nasdaq dropped 0.3%.

Gold's gains came despite a sharply higher dollar, which typically weighs on the metal by making it more expensive overseas. The buck rose 0.5% against major rivals, especially the euro and pound, as Forex traders shifted toward safety amidst a resurgence of the coronavirus in Europe.

The other precious metals were mixed, with silver and platinum sliding 0.7% and 0.2%, respectively, while palladium finished nearly flat, adding less than 0.1%.

At the Comex close: December gold added $1.60, to $1,908.90; December silver dropped 17 cents to $24.22; January platinum dipped $2.10 to $861.30; and December palladium edged up 80 cents to $2,367.10 an ounce.