Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid another 0.4% to close at $1,251 as equities rose and the dollar ticked higher, dulling appetite for alternative assets. It was the metal's fourth straight down session.

The Dow rose 0.6% behind stronger financial shares and the Nasdaq added nearly 0.9% on rebounding tech shares following yesterday's announcement that the Trump administration will not invoke executive authority to impose harsh investment restriction on China. Earlier in the week, President Trump had threatened to block Chinese investment in US tech firms based on national security, unsettling markets.

The dollar edged up 0.1% in choppy trade, gaining against most major rivals but falling versus the euro as the EU meets to iron out a comprehensive immigration plan. A rising dollar weighs on gold and other commodities priced in it for international trade by making them more expensive overseas.

The buck's bullish momentum was impeded by data showing growth in the first quarter was softer than previously estimated, with GDP revised down to 2% from 2.2% because of decreased spending on health care and smaller inventory levels. GDP in the second quarter is expected to be much stronger, with the Atlanta Fed forecasting 4.5% growth as the economy responds to tax cuts.

The other precious metals were also lower, with silver declining by 1.2% while platinum and palladium fell 0.8% and 1.4%, respectively.

At the Comex close: August gold slid $5.10 to $1,251; September silver lost 20 cents to $16.04; October platinum dropped $6.80 to $855.20; and September palladium shed $13 to $930.90 an ounce.