Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.8% to close under $1,889 as concerns about slower global growth and aggressive US rate hikes boosted the dollar, undercutting attentive stores of value. It was the metal's lowest finish in two months.

Weaponizing its energy exports because of Western sanctions, Russia has halted gas supplies to Bulgaria and Poland over failure to pay in rubles. The conflict in Europe is expected to slow the eurozone economy by further ratcheting up inflation.

Growth concerns are also plaguing China, where the resurgent pandemic has led to a four-week shutdown of Shanghai, China's financial center, and lockdowns in Beijing. The PBOC has announced stimulus measures to support the flagging economic expansion.

Meanwhile, the Fed is widely expected to raise interest rates by at least 50 basis points when it meets next week, followed by a series of similar hikes this year.

The dollar rallied 0.6% to a five-year high against major rivals, especially the euro and yuan, on speculation that US monetary policy will tighten far faster than its peers. A stronger dollar weighs on gold and other commodities priced in it for global trade.

The other precious metals were mostly lower, with silver and platinum dropping 0.3% and 0.2%, respectively, while palladium added 0.8%.

At the Comex closed: June gold dropped $15.40 to $1,888.70; May silver slid 8 cents to $23.46; July platinum dipped $1.70 to $910.40; and June palladium picked up $16.60 to $2,195.10 an ounce.