Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained for a second session, adding 0.2% to close at a one-week high above $1,915, as a weaker dollar and rising coronavirus relief hopes boosted demand for the metal as a hedge against inflation.

Nancy Pelosi and Steven Mnuchin have reportedly narrowed their differences on another COVID-19 relief package, according to spokespeople on both sides. After wild gyrations over the past week, from canceled talks to proposing a bigger package than the House's $2.2 trillion, the White House is now pushing for an agreement before the election.

The dollar fell another 0.4% to a one-month low as progress in the stimulus talks cut into its safe-haven appeal and increased the risk of further depreciation. A weaker dollar lifts gold and other commodities by making them less expensive in other currencies.

Coming atop $4 trillion already spent of COVID relief and extreme easing measures taken by the Federal Reserve, another round of aid is seen as increasing the risk long-term inflation, boosting demand for gold.

Gold's gains were capped by rising risk appetite as Wall Street rallied behind the prospect of additional spending. All three major US indexes added around 0.4%.

The other precious metals were also higher with silver rising 1.1% while platinum and palladium picked up 1.6% and 2.6%, respectively.

At the Comex close: December gold gained $3.70 to $1,915.40; December delivery climbed 28 cents to $24.98; January platinum rose $13.80 to $877.30; and December palladium jumped $62.20 to $2,417.70 an ounce.