Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold jumped 1.1% to close at an 11-week high of $1,360 as rising tensions in the Middle East undermined stocks and boosted oil, spurring demand for alternative stores of value. It was the metal's fourth straight winning session.

In response to a US-led coalition supporting airstrikes against the Assad government for its alleged use of poison gas against civilians, Russia has promised to shoot down any missiles or planes that threaten Syrian airspace. The growing conflict caused President Trump to tweet that relations with Russia are worse now than during the cold war.

The Dow lost 0.5% as geopolitical turmoil pushed investors away from risk. Recent trade-war rhetoric between China and the US has also to led uncertainty and volatility in the markets. Treasurys rose, pushing yields lower, as investors shifted toward safety.

The dollar weakened 0.2% against major rivals despite CPI data showing core inflation, less food and energy costs, rose 0.2% in March and 2.1% over the previous 12 months, notching the highest level in more than a year. Hotter inflation may spur the Fed to raise rate more quickly, which support the dollar by attracting foreign exchange investment seeking higher yield.

Oil prices rallied as much as 2.2% to a three-year high near $67, fueled by concerns that saber rattling in the Middle East may disrupt supplies. Gold often trades in sympathy with oil as a hedge against energy-relative inflation.

The other precious metals were also higher, with silver climbing 1% while platinum and palladium added 0.1% and 1.2% respectively.

At the Comex close: June gold jumped $14.10 to $1,360; May silver climbed 17 cents to $16.77; July platinum added $1.20, to $934.30; and June palladium rose $11.20 to $960.95 an ounce.