Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.4% to close above $1,560 as weak US jobs data and renewed concerns about the Middle East eroded stocks and the dollar, boosting demand for safe havens. The metal rose 0.5% for the week, posting its fifth straight weekly win.

US nonfarm payrolls added only 145,000 workers in December, missing forecasts. Most of the gains came in the services sector while manufacturing, which has slipped into recession, lost 12,000 jobs. More disappointing, annual wage growth fell below 3% for the first time since 2018.

Middle East worries returned after the US imposed new sanctions on Iran in response to a missile attack earlier this week on US bases in Iraq. Gold briefly surged above $1,600 on Wednesday after the US killed a leading Iranian general in a drone attack on Tuesday and Iran vowed revenge, raising the specter of war in the region.

Wall Street pulled back on the renewed tensions as investors shed risk. The Dow dropped 0.5% while the S&P 500 and Nasdaq fell 0.3%.

The dollar dipped 0.1% against major rivals as the yen and Swiss franc rallied on flights to safety. US Treasury yields also fell as investors sought haven assets like government bonds and gold.

The other precious metals were higher for the day and mixed for week. Silver added 0.9% today but slipped 0.3% this week. Platinum rose 1.4% for the session but posted a weekly loss of 0.4%. Palladium picked up 0.6% today and a whopping 6% this week on global supply concerns.

At the Comex close: February gold gained $5.80 to $1,560.10; March silver climbed 17 cents to $18.11; April platinum rose $14 to $986; and March palladium added $12.50, to $2,072.90 an ounce.