Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up 0.1% to close near $1,883 as dollar stocks rolled back on profit-taking and hopes for bigger stimulus weakened the dollar, spurring demand for alternative stores of value.

The House of Representatives voted to increase direct payments to $2,000 from the $600 allotted in the pandemic stimulus package signed into law on Sunday. The move follows Present Trump's demand for additional assistance to individuals making less than $75,000 per year. Senate Major Leader Mitch McConnell said he will take the bill under consideration.

The dollar fell 0.3% against major rivals, plumbing a more than two year low against the euro as optimism about US stimulus coaxed Forex traders into riskier currencies. A weaker dollar lifts gold and other commodities priced in it for global trade by making them less experience overseas.

Also supporting gold, Wall Street rolled back from record highs as traders took profits and weighed near-term obstacles to growth caused by the raging pandemic. The Dow and S&P 500 slipped 0.2% while the Nasdaq lost 0.4%.

Oil tracked higher because of stimulus enthusiasm, with WTI crude adding 0.8%. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mixed, with platinum rising 1.3% while silver and palladium slid 1.2% and 0.3%, respectively.

At the Comex close: February gold added $2.50 to $1,882.90; March silver dropped 32 cents to $26.22; April platinum rose $13.50, or 1.3%, to end at $1,062.60; and March palladium slipped $7.50 to $2,344.30 an ounce.