Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold inched slightly higher to close near $1,814 as concerns about the resurgent COVID-19 infections offset upbeat US data and rising risk appetite due to a promising vaccine.

US drug maker Moderna reported its experimental vaccine produced high levels of coronavirus-neutralizing antibodies in all 45 members of an early study. Developed in partnership with the US National Institutes of Health, it is the first COVID-19 vaccine to be tested on humans. A larger phase 3 trial will follow.

Wall Street cheered the news, with the Dow and S&P 500 rising nearly 1% as hopes for a potential vaccine stoked risk appetite. Treasury yields also rose.

Upbeat US data added to the bullish sentiment for stocks. The Fed's Beige Book survey showed rising business activity across all its districts in late June as states eased restrictions. Manufacturing snapped back, jumping 7.2% last month, the biggest rise since 1947, but remains 11% lower than pre-pandemic levels.

Worries are mounting, however, that the economic gains from month's reopening may slip away as the coronavirus spreads again. California has reversed course and reinstituted lockdowns on many businesses. Florida, the newest hotspot, reported 133 new deaths yesterday.

Adding to safe-haven bids, tensions with China deepened after President Trump ended the special status afforded to Hong Kong as punishment for Beijing's crackdown on its independence. In addition, Secretary of State Mike Pompeo said the US will impose visa restrictions on Chinese firms.

The dollar fell 0.2% against major rivals, supporting gold and other commodities priced in it for global trade by making them less expensive in other currencies.

The other precious metals were also higher, with silver rising 1/2% while platinum and palladium added 0.8% and 1.2%, respectively.

At the Comex close: August gold edged up 40 cents to $1,813.80; September silver gained 23 cents to $19.76; October platinum added $6.40, to $843.20; and September palladium climbed $24.40 to $2,010 an ounce.