Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1.4% to close near $1,912 as some hints of progress in peace talks between Russia and Ukraine lifted risk appetite and dulled demand for safe-haven assets.

Meeting in Istanbul for the first face to face talks in two weeks, representatives of the two warring nations appeared to make progress, however slight, toward a ceasefire. Russia signaled willingness to curtail operations around Kyiv, which it has failed to take despite massive effort, while Ukraine suggested its openness to remaining out of NATO and negotiating the status of the separatist Donbar region.

Equities rallied on the glimmer of hope, with the Dow and Global Dow adding 1% and 1.4%, respectively, while the S&P 500 rose 1.2% and Nasdaq 1.8%.

Adding to risk appetite, US consumer confidence rose in March for the first time in 2022, according to the Conference Board survey. Inflation and the war in Ukraine continue to cause consumers anxiety, however.

Benchmark 10-year Treasury yields dropped under 2.38% on the uncertain economic outlook while 2-year yields rose as high as 2.45%, inverting the yield curve for the first time since 2019. Investors are pricing in aggressive rate hikes from the Fed in the short-term while signaling a lack of confidence in longer-term growth prospects.

Cushioning gold's drop, the dollar lost 0.6% against major rivals as hopes for an end to the Ukraine war lifted the euro. A weaker buck supports gold and other commodities by making them less expensive overseas.

The other precious s metals were also lower, with silver falling 1.8% while platinum slid 1.5% and palladium dropped 5.8%.

At the Comex close: April gold fell $27.60 to $1,912.20; May silver dropped 46 cents to $24.74; July platinum slid $15 to $978.80; and June palladium tumbled $129.70 to $2,112.70 an ounce.