Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.8% to close just under $1,273 at a fresh three-week high as traders shifted into safe-haven assets in light of softer global equities and uncertainty over the coming Brexit vote. The metal is now up nearly 5% over the past five sessions.

The UK votes in two weeks to decide whether to remain in the European Union, with an exit-vote likely to create widespread turmoil in global financial markets. Polls show a tight race. Global stocks retreated, with the Global Dow dropping nearly 1%, while sovereign bonds rallied on the growing Brexit worries.

The dollar fell to a one-month low against the safe-haven yen, but rebounded late it the session after U.S. jobless claims were less than expected, assuaging some concern over the weaker job reports posted in recent days. In addition, wholesale sales rose more than expected in April, suggesting growth may be picking up.

U.S. Treasury prices rallied sharply, pushing long-term yields to 14-month lows, as investors eschewed risk.

The other precious metals were mixed, with silver jumping 1.7% while platinum and palladium, more directly tied to industry, fell 0.8% and 0.1%, respectively.

At the Comex close: August gold gained $10.40 to $1,272.70; July silver rose 28 cents to $17.27; July platinum lost $8.20 to $1,003.80; and September palladium edged down 60 cents to $560.60 an ounce.