Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained 1.2% to close above $3,335 as new tariff concerns pressured equities, Treasury yields, and the dollar while lifting alternative stores of value. Rising 3.2% for the week, bullion has now rallied more than 27% so far this year. Silver added 1.3% today and 2.5% this week to finish at $32.80 an ounce.

One day after a trade deal between the UK and US helped to settle trade-war nerves, President Turmp undercut optimism heading into weekend talks with China by saying 80% tariffs "seem just about right." While this level would be a substantial drop from the current 145%, it is unlikely to be agreeable to China, according to many economists.

The Dow fell 0.3% on its way to a weekly loss as investors lost the appetite for risk whetted by the UK deal.

Benchmark 10-year Treasury yields fell on the shift in the China trade outlook, lifting gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Tracking lower with yields, the dollar lost 0.3% against major rivals, boosting gold and other commodities by making them less expensive in other currencies.

Platinum rose 1.9% for a weekly climb of 4%. Palladium added 0.3% today and 3% this week.

At the New York spot close; gold gained $38.80 to $3,335.40; silver rose 42 cents to $$32.80; platinum picked up $19 to $1.002.80; and palladium added $3, to $953.75 an ounce.