Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1.5% to close under $1,954 as receding worries about the banking sector lifted yields and risk assets, pressuring alternative store of value.

First Citizens has agreed to acquire the loans and deposits of failed Silicon Valley bank from the FDIC, helping to ease investor fears of contagion in the banking system. In addition, US authorities are weighing the expansion of emergency lending facilities to shore up beleaguered First Republic.

Benchmark 10-year Treasury yields climbed back over 3.5% as trader shifted away from safety towards riskier assets. Rising yields pressure gold by increasing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The Dow rose nearly 1%, led by a sharp rebound in banking sharers, as risk appetite returned.

The other precious metals were also lower, with silver dropping 0.8% while platinum and palladium lost 0.7% each.

At the Comex close: April gold lost $30 to $1,953.80; May silver slid 19 cents to $23.15; April platinum shed $6.80 to $977.10; and June palladium gave up $10.30, to $1,404.10 an ounce.