Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained 0.8% to close near $2,735 as yields and the dollar retreated while investors flocked into safe-haven assets. Silver inched down less than 0.1% to finish at 33.61 an ounce.

The dollar fell 0.3% against major rivals, retreating from three-month highs as the euro strengthened after the German economy, the eurozone's biggest, improved this month. A falling dollar supports gold and other commodities by making them less expensive other currencies, lifting demand overseas.

Benchmark 10-year Treasury yields edged slightly lower as investors bought up US debt in a move toward safety. Falling yields help gold by decreasing the opportunity cost for holding it instead of bonds for safety.

Despite yesterday's 1.1% correction, gold remains strongly supported by concerns about geopolitical conflict, the divisive US presidential election, lingering worries about inflation, and the prospects of continued monetary easing by central banks.

Palladium rocketed 9.3% higher after the US asked the Group of Seven nations to sanction Russian supplies of palladium and titanium because of the ongoing war in Ukraine. Russia supplies some 40% of global palladium production. Platinum picked up 0.6%.

At the New York spot close: gold gained $20.50 to $2,734.90; silver dipped 3 cents to $33.61; platinum picked up $6.40 to $1,026.20; and palladium surged $99.20 to $1,163.90 an ounce.