Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold fell 1.8% to close at a one-month low under $3,182 as optimism over easing US-China trade tensions and lower consumer inflation fueled risk appetite, undercutting safe-haven assets. Silver shed 1.9% to finish at $32.23 an ounce.

US and global stock markets continued to march higher following agreements between US and China this week to lower tariffs for the next 90 days. The US will cut duties on China imports to 30% from 145%, while China will lower duties on US imports to 10% from 125%. So called de minimis tariffs on small shipments from China valued at less than $800 have been lowered to 54%.

Yesterday's release of the April CPI also encouraged investors to take on risk. Consumer inflation rose 0.2%, less than forecasts, for a 12-month rate of 2.3%, down from 2.4% in March.

Benchmark 10-year Treasury rose again as traders shifted from bonds to stocks. Tracking with yields, the dollar added another 0.1% against major rivals as it rebounds from multi-month lows.

Platinum fell 1% while palladium was flat.

At the New York spot close: gold dropped $58.90 to $3,184.40; silver slid 64 cents to $32.23; platinum fell $10.70 to $980.80; and palladium was unchanged at $960.50 an ounce.