Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold added another 0.4% to close at $1,355 as global trade tensions continued to pressure the dollar, spurring demand for alternative stores of value.

The metal has risen nearly 3% over the past four sessions on trade-war worries after President Trump announced up to $60 billion in tariffs against China, which retaliated on Friday by declaring $3 billion in tariffs against US goods. In addition, the Fed's statement on Wednesday that it will stick to three rate hikes in 2018 gave gold a boost. Fewer hikes will make the dollar less attractive to investors looking for higher yield.

Already shaken by surprise tariffs announced against a handful of US trading partners earlier in March, stock markets plunged on the China announcement late last week, with the Dow dropping 3.3% in two sessions. Conciliatory comments from Premier Li Keqiang today about keeping negotiations open helped to pull investors back into risk assets, however, pushing the Dow 2.7% higher.

The dollar lost 0.5% against major rivals as foreign exchange traders were less optimistic about averting a trade war. A falling dollar supports gold and other commodities by making them less expensive overseas.

The other precious metals were mostly higher, with silver and platinum rising 0.6% and 0.2%, respectively, while outlier palladium fell 0.5%.

At the Comex close: April gold gained $5.10 to $1,355; May silver rose 10 cents to $16.68; July platinum added $8, to $956.40; and June palladium slid $4.70 to $966.85 an ounce.