Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.7% to close above $1,711 after a historic collapse in oil futures pressured stocks, stoking demand for safe-haven assets.

WTI crude for May delivery plunged 306% today, dropping to negative $37 per barrel, the largest one-day decline on record and the first time a contract has turned negative, as traders scrambled to avoid delivery next month. Plunging demand because of the coronavirus, combined with a recent price war between Russian and Saudi Arabia, have created a global glut that leaves little storage capacity for additional supply.

Wall Street fell, with the Dow and S&P 500 losing 2.5% and 1.7%, respectively, as oil's collapse underscored the pervasive risks haunting the global economy because of COVID-19.

US Treasurys rallied alongside gold, pressuring yields, as investors fled to safety.

Capping gold's gains, the dollar rose 0.2% against major rivals as commodity-centered currencies like the Canadian dollar, ruble, and Norwegian krone were swept lower with oil carnage. A rising dollar typically pressures gold and other commodities by making them more expensive in other currencies.

The other precious metals were mostly higher, with silver and platinum rising 2% and 1.3% respectively, while palladium dipped 0.2%.

At the Comex close: June gold gained $12.40 to $1,711.30; May silver climbed 31 cents to $15.61; July platinum rose $10.70 to $796; and June palladium slipped $3.40 to $2,127.50 an ounce.