Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained 0.3% to close near $3,378 on safe-haven inflows after the US bombed Iranian nuclear sites and dovish comments from a Fed official pressured the dollar. Silver added 0.5% to finish at $36.15 an ounce.

In a surprise move over the weekend, President Trump ordered the bombing of three nuclear sites in Iran, dramatically increasing the potential for a wider war in the region. He also talked about forcing regime change to "make Iran great again."

Vowing retaliation, Iran reportedly launched missile at US military bases in Qatar and threatened to close the Strait of Hormuz, the shipping channel for 20% of the world's oil.

Benchmark 10-year Treasury yields fell back near 4.3% as investors sought the perceived safety of US government debt. Lower yields support gold by decreasing the opportunity cost for holding it instead of bonds for safety.

The dollar dropped nearly 0.3% against major rivals after Fed Vice Chair for Supervision Michelle Bowman said the time is approaching to cut interest rates. A weaker dollar lifts gold and other commodities by making them cheaper in other currencies.

Potentially complicating the rate-cut outlook, S&P Global surveys found the cost of doing business for US companies rose in June at the fastest rate in 30 months on fallout from Trump tariffs.

Platinum and p0alladium climbed 2.3% and 2.4%, respectively.

At the New York spot close: gold gained $9.60 to $3,377.70; silver rose 18 cents to $36.15; platinum picked up $29.50 to $1,293.50; and palladium advanced $25.80 to $1,081.80 an ounce.