Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold was little changed, edging up less than 0.1% to close above $1,905, as worries about fiscal stimulus and rising COVID-19 cases were offset by solid US data. The metal ended the week slightly lower, down 0.1%.

Negotiations over a new coronavirus relief package showed little progress today despite upbeat assessments by both Nancy Pelosi and Steven Mnuchin, the chief negotiators. Pelosi said earlier in the week that Friday was the deadline, if a vote is to occur before the election.

A big stimulus plan is considered bullish for gold because it would raise the risk of long-term inflation, boosting demand for the metal as an inflation hedge.

Meanwhile, the US recorded more than 75,000 new cases of coronavirus today, the second-highest daily total ever, with rural Midwest states like the Dakotas leading the way. Rising hospitalizations in remote areas threaten to overwhelm sparse regional facilities.

A second wave of COVID has brought Europe's recovery to an end as the Eurozone flash PMI fell to a four-month low.

US businesses expanded in October, however, as the HIS Markit PMI indexes recorded growth in the services and manufacturing sectors.

The dollar slipped 0.2% against major rivals, knocking it 1% lower for the week on the fading prospects for a relief package. A falling buck typically supports gold and other commodities priced in it for global trade.

The other precious metals were mixed for the day but higher for the week. Silver dipped 0.1% but posted a weekly win of 1.1%. Platinum gained 2.6% for the day and 4.3% for the week. Palladium added 0.1% today and 2.4% this week.

At the Comex close: December picked up 60 cents to $1,905.20; December silver dipped 3 cents to $24.68; January platinum rose $22.70 to $906.70; and December palladium added $2.70, to $2,398.60 an ounce.