Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold skidded 2.4% to close under $1,792, its lowest level in 10 weeks, as another spate of solid US economic data lifted the dollar, stocks, and Treasury yields while undercutting demand for safe havens.

US factory orders rose 1.1% in December, according to the Commerce Department, marking eight straight months of growth. The report follows the Monday release of the ISM's manufacturing survey showing strong growth in January.

Initial jobless claims fell to a nine-week low last week, signaling that the labor market may be healing after the recent surge in pandemic-related layoffs. The number of people collecting ongoing benefits also fell.

Stocks rallied on the upbeat data, with the Dow and S&P 500 adding 0.8%, posting their fourth day of gains, while the tech-heavy Nasdaq rose 1%.

The dollar climbed for a fifth session, adding 0.5% against major rivals on expectations that the US economy will outpace Europe in coming quarters. A stronger dollar weighs on gold and other commodities by making them pricier in other currencies, limiting overseas demand.

Treasury yields also gained on the positive economic outlook, with benchmark 10-year yields approaching an 11-month. Rising yields create a headwind for gold by increasing the opportunity cost for hold the metal, which offers no yield, instead on bonds as a safe-haven asset.

The other precious metals were mostly lower, with silver and platinum sliding 2.4% and 1%, respectively, while outlier palladium added 0.2%.

At the Comex close: April shed $43.90 to $1,791.20; March silver dropped 65 cents to $26.23; April platinum slid $11.50 to $1,103; and March palladium rose $4.10 to $2,280.70 an ounce.