Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Extending last week's 1% rise, gold added another 0.2% to close at a six-week high near $1,283 as soft U.S. economic data eroded equities and boosted alternative assets.

The ISM said the U.S. economy's services sector weakened slightly in May, though it still grew at a clip signaling modest growth. In separate reports, the Commerce Department said factory orders fell in April, and productivity was flat in Q1 for U.S. companies.

Coming after Friday's nonfarm payrolls report showed a disappointing 138,000 jobs were created in May, the subpar data caused traders to pull back slightly of risk, pushing the Dow and S&P 500 lower by around 0.1%.

The dollar edged 0.1% higher against a basket of rivals but remains at multi-month lows, pressured by soft U.S. economic growth and political turmoil surrounding inquiries into relations between the Trump administration and Russia.

The other precious metals were also higher, with silver rising 0.3% while platinum and palladium climbed 0.4% an 0.9%, respectively.

At the Comex close: August gold gained $2.50 to $1,282.70; July silver added 6 cents to $17.58; July platinum picked up $4.20 to $957.60; and September palladium rose $7.80 to $841.85 an ounce.