Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold was virtually flat, dipping a dime to hold just under $1,750, as safe-haven support from falling equities was offset by rising Treasury yields.

All three major US indexes extended Friday's Powell-induced sell off, with the Dow and S&P 500 dropping another 0.6% each while the Nasdaq shed 1%. All three indexes plunged more than 3% following Fed Chair Jerome Powell's hawkish speech on Friday.

Speaking at the central bankers' conference at Jackson Hole, WY, Powell vowed to continue fighting inflation even if it means "some pain" for American families and businesses. The Fed will raise rates as high as necessary to restrict growth, Powell promised, and keep them there "for some time" until inflation falls back toward 2%.

Benchmark 10-year Treasury yields climbed further on the aggressive rate view, pushing above 3.1%. While gold is often considered a hedge against inflation, rising yields can weigh on it by increasing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The dollar was unchanged at slightly under a 20-year high versus a basket of major rivals.

The other precious metals were lower, with silver dropping 0.8% while platinum and palladium both dipped 0.1%.

At the Comex close: December gold dipped 10 cents to $1,749.70; December silver dropped 15 cents to $18.67; October platinum slipped $1 to $854.30; and December palladium slid $2.40 to $2,130.30 an ounce.