Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1.2% to close under $1,947 as equities rallied despite downbeat US economic data. Most of the metal's slide came yesterday in electronic trading after the release for the Fed minutes from July triggered a rebound in the dollar, pressuring alternative stores of value.

Initial jobless claims rose last week to 1.1 million, up from 971,000 the week before, suggesting that the labor market is weakening again with the resurgence in coronavirus infections and associated business closures. It marked the 21st week out of the past 22 with more than 1 million Americans filing for new unemployment benefits.

The Philadelphia Fed manufacturing index slowed for a second month after June's rebound. The data follows a similar drop off in the New York Fed region last week.

Despite the weak data, all three major US stock indexes advanced behind strong performances by tech giants like Apple, Microsoft, and Amazon. The Nasdaq jumped 1.1% while the Dow and S&P 500 rose 0.2% and 0.3%, respectively.

Adding to risk appetite, the US and China agreed to another round of trade talks "in coming days" to weigh progress on the Phase One deal signed six months ago. While no further agreements are expected, the talks nonetheless raised hope that the world's two largest economies may mend fences after months of acrimony and accusations.

The dollar was little changed against major rivals, holding most of yesterday's 0.7% rise off 27-month lows on safe-haven inflows after the Fed, in its minutes from the July meeting, projected slower growth in Q3 and Q4 because of COVID resurgence. Gold tumbled under $1,950 after hours yesterday on the buck's rebound.

The other precious metals were mostly lower, with silver and platinum dropping 0.7% and 3.1%, respectively, while palladium added 0.4%.

At the Comex close: December gold fell $23.80 to $1,946.50; September silver lost 19 cents to $27.15; October platinum dropped $29.40 to $926.90; and September palladium added $7.80, to $2,186.90 an ounce.