Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.4% to hold above $2,023 as Treasury yields continued to climb on expectations that interest rates will remain where they are in the coming months. The metal lost 0.6% for the week after gaining 1% the week before.

Dallas Fed chief Lorie Logan was the latest Fed official to preach patience in cutting interest rates. Speaking at a Texas conference, Logan said she is “not seeing any urgency to make additional adjustments” in monetary policy, wanting more confidence that inflation is falling.

Several other central bankers have made similar statements over the past week, including the hawkish Richmond Fed President Thomas Barkin and the dovish Atlanta Fed President Raphael Bostic.

Fed fund futures traders decreased their bets on a May rate cut, dropping the odds to 60% from 63% yesterday and 90% just a few weeks ago. The markets now look toward the January CPI release next Tuesday for further direction.

Benchmark 10-year Treasury yields climbed again on the shifting rate view, reaching a two-week high near 4.2%. Higher yields pressure gold by making it pricier overseas.

Limiting gold’s slide, the dollar dropped 0.1% against major rivals, making the metal less expensive overseas. But the buck still posted its fourth straight week of gains.

The other precious metals were down for the day and week. Silver dipped 0.2% today and 0.9% this week. Platinum shed 1.8% for a weekly loss of 2.6%. Palladium shed 2.6% for a weekly tumble of 8.4%.

At the New York spot close: gold dropped $8.90 to $2,023.30; silver slipped 4 cents to $22.60; platinum shed $15.80 to $878.20; and palladium lost $22.80 to $869.30 an ounce.