Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.6% to close under $1,867 after a rebound in equities and the dollar undercut demand for alternative assets. The metal fell 4.9% for the week, its biggest weekly decline since March, pressured by the buck's best week since April.

Wall Street's main indexes rallied behind tech stocks, with the Dow and S&P adding 1.5% and 1.8%, respectively. The tech-heavy Nasdaq jumped nearly 2.5% as Facebook, Apple, Amazon, and Alphabet other behemoths posted strong showings. All three indexes nonetheless extended their weekly losing streaks to four, the longest downtrend in 13 months.

Better-than-expected data on US business spending helped to whet today's risk appetite. The Commerce Department reported new orders for non-military capital goods rose 1.8% to the highest level since July 2018 while shipments jumped to the highest level in nearly six years.

The dollar also recovered after yesterdays slip, adding 0.3% against major rivals as traders grew increasing concerned about the potential economic fallout of surging COVID-19 cases in Europe and the US. The buck rallied 1.8% this week as Forex traders shifted out of the euro and pound toward the perceived safety of the US currency. A rising dollar weighs on gold and other commodities by making them more expensive overseas.

The other precious metals were mixed for the day and lower for the week. Silver dropped 0.4% for a weekly loss of nearly 15%, the most since March. Platinum added 0.5% today bit still lost 10% this week. Palladium slid 0.2% for a weekly decline of 6.7%.

At the Comex close: December gold slid $10.60 to $1,866.30; December silver dropped 10 cents to $23.09; October platinum picked up $4 to $942; December palladium slipped $4.70 to $2,222.20 an ounce.