Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained 0.5% to close near $3,405 on safe-haven inflows after White House efforts to influence the Fed continued to worry investors and pressure Treasury yields. Silver added 0.1% to finish at $38.63 an ounce.

Fallout from President Trump's decision to fire Fed Governor Lisa Cook continued for a second day as investors raised questions about the Fed's independence from political tampering.

Trump's move against Cook, based on allegations of mortgage irregularities, is widely viewed as one more attempt to dictate interest rate policy. Cook has filed suit to keep her job, calling her firing unlawful.

Benchmark 10-year Treasury yields fell again as investors sought the perceived safety of government bonds. Falling yields lift gold by decreasing the opportunity cost for holding it instead of bonds. The dollar was virtually unchanged.

Investors await tomorrow's GDP data and Friday's release of the PCE index, the Fed's preferred inflation gauge, for further clues on interest rates.

Platinum rose 0.3% while palladium fell 0.6%.

At the New York spot close: gold gained #=$16 to $3,404.60; silver added a nickel, to $38.63; platinum picked up $3.45 to $1,348.55; and palladium slipped $7.10 to $1,097.65 an ounce.