Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.2% to close above $1,306 as growing trade-war concerns and easing Eurozone worries caused the dollar to tumble, boosting demand for alternative assets.

China vowed to protect itself from "reckless" trade threats after the Trump administration renewed its intention to impose $50 billion in tariffs on Chinese imports. The surprise US move comes as talks are scheduled to begin in Beijing this weekend.

Political turmoil in Italy took a breather after the so-called 5 Star Movement, a major player in the new coalition government, decided to withraw its euroskeptic nominee for Economy Minster, Paolo Savona, from consideration. Savona had been rejected by Italy's president Sergio Mattarella under threat of a snap election.

The euro rallied strongly from a 10-month low, driving the dollar 0.7% lower against major rivals. A falling dollar supports gold and other commodities priced in it for global trade by making them less expensive overseas.

Equities rebounded on the decrease in Eurozone turmoil, sending the Dow 1.2% higher and capping gold's gains. Treasury's extended their recent run, however, pushing yields on benchmark 10-yar notes down to 2.85% as investors sought safety in light of trade disputes and political uncertainty.

Economic reports did little to shift gold sentiment. ADP reported private-sector job gains of 178,000 in May while totals for April were revised lower by 41,000. And the US economy grew by 2.2% in the first quarter rather than 2.3%, as previously reported, because of a slower rise in inventories.

The other precious metals also finished higher, with silver rising 1% while platinum and palladium added 0.3% and 0.4%, respectively.

At the Comex close: August gold gained $2.40 to $1,306.50; July silver jumped 17 cents to $16.54; July platinum added $2.60, to $908.50; and September palladium rose $4 to $975 an ounce.