Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.1% but held above $1,800 as traders locked in profits from six straight winning sessions. The metal had surged as high as $1,819.50 in intraday trading on flights to safety before sliding back as investors shifted towards cash and bonds.

Long-dated Treasury notes rallied again, knocking 10-year yields to five-month lows around 1.3% on rising concerns that coronavirus variants may slow or stop the global rebound. The shift toward safety comes as spiking Delta Covid-19 cases in Tokyo have forced the Olympics to ban spectators from attending events.

Risk-off sentiment was also fueled by new signals that the recovery in the US labor market remains choppy. First time jobless claims rose unexpectedly to 373,000 last week, although continuing claims edged lower.

Wall Street fell prey to growing risk-aversion, with all three indexes drop around 0.8% while the Global Dow fell 1.1%.

The dollar also fell, losing 0.3% against major rivals as Forex traders sought the relative safety of the yen and Swiss franc. The falling dollar helped to limit gold's downside by making hit cheaper overseas.

The other precious metals were also lower, with silver falling 0.5% while platinum and palladium lost 0.7% and 1.3%, respectively.

At the Comex close: August gold dipped $1.90 to $1,800.20; September lost 14 cents, to $25.99; October platinum fell $7.40 to $1,074.50; and September palladium dropped $38.10 to $2,810.20 an ounce.