Gold News & Info

Source: Bill Musgrave, American Gold Exchange

Austin— Gold gained another 0.3% to close near $1,276 as falling oil and equities stoked risk-aversion. The metal notched its second straight weekly gain, up 2.7% since Monday and more than 5% since last Friday.

Oil prices fell sharply, with the U.S. benchmark West Texas Crude dumping 3%, as reports of higher drilling activity in the U.S. caused traders to take profits from the recent rally.

Global equities fell again, with the S&P losing 1.2% and the Global Dow 1.8%, pulled lower by energy stocks and worries over the pending British vote over whether to exit the European Union. European equities were especially hard-hit as the Stoxx Europe 600 plunged 2.4% for its biggest one-day loss in four months.

U.S. Treasury prices rose alongside gold on flights to safety, forcing yields to 16-month lows amid a global rally in government bonds. At the same time, stimulus measures by the ECB and BOJ have driven $10 trillion in global bonds into negative yields.

The dollar picked up on safe-haven inflows into U.S. government bonds, which must be purchased in dollars.

The other precious metals were mixed for the day and week. Silver gained 0.4% today and nearly 6% this week. Platinum fell 1% on the day but managed a weekly gain of 1.3%. Palladium dropped 2.6% today and 0.6% this week.

At the Comex close: August gold gained $3.20 to $1,275.90; July silver rose 6 cents to $17.22; July platinum fell $9.60 to $994.20; and September palladium dumped $14.65 to $545.95 an ounce.