Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.5% to close above $1,778 as resurgent global Covid-19 cases undercut risk appetite and boosted demand for safe-haven assets.

While the US is making good headway against the pandemic via increasing vaccinations, much of the world is struggling, with global cases now reaching 142 million. India, a major hotspot, recorded more than 250,000 new infections and 1,700 deaths since yesterday. Brazil and France are also in crisis, with a deadly new wave attributed to highly infectious variants.

Wall Street fell on the troubling state of the pandemic, pulled lower by airline and hospitality stocks hammered by rising travel restrictions. The Dow and Global Dow fell 0.8% and 1.6%, respectively, while the S&P 500 slid 0.6%.

Treasurys rallied on safe-haven inflows, pushing yields sharply lower. Falling yields support gold by decreasing the opportunity cost for holding it instead of bonds as a safe-haven asset.

Capping gold's gains, the dollar added 0.3% against major rivals as Forex traders eschewed riskier currencies. A stronger dollar pressures gold by making it pricier overseas.

The other precious metals were mostly lower, with platinum and palladium dropping 0,9% and 25, respectively, while silver was virtually flat.

The Comex close: June gold gained $7.80 to $1,778.40; May silver was unchanged at $25.84; July platinum lost $10.20 to $1,196.30; and June palladium lost $52.20 to $2,757.40 an ounce.