Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold rose another 0.9% to close above $3,309 on flights to safety as stocks and the dollar pulled back on concerns about US debt levels and geopolitical turmoil. It was bullion's third straight day of gains. Silver added 1.5% to finish at $33.46 an ounce.

In the aftermath of Moody's downgrade of US creditworthiness this week, driven by concerns that deficits are becoming unsustainable, long term US Treasury yields have pushed back above 5% as bond traders demand greater compensation against fiscal policy risks.

Concerns are being amplified by aggressive tax cuts moving through Congress, which are expected to add some $4 trillion to the national debt. As a result, today's auction of 20-year Treasury bonds was far weaker than expected, pushing borrowing costs tied to long-term debt to 18-month highs.

The dollar fell 0.6% against major rivals on the deteriorating outlook for US fiscal policy, boosting gold and other commodities priced in it for global trade.

All three major US equity indexes fell at least 1.8%,

Adding to safe-haven demand, Israel is reportedly preparing the bomb Iranian nuclear facilities amid Trump administration talks with Iran about curtailing its uranium enrichment program.

Platinum and palladium rose 2.2% and 1.3%, respectively.

At the New York spot close: gold gained $29 to $3,309.30; silver rose 48 cents to $33.46; platinum picked up $23.50 to $1,074.10; and palladium advanced $13.20 to $1,030.45 an ounce.