Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.9% to close at $1,698 as troubling signs of a second wave of global COVID-19 cases rallied the dollar, undercutting demand for alternative stores of value.

A sharp upswing in coronavirus infections in nations that seemed to have it under control has created new worries about the course and duration of the pandemic. Germany reported that new cases are rising exponentially while infections in South Korea jumped to a one-month high.

The unwelcome news comes just as governments around the world are beginning to relax restrictions on socializing and commerce. Japan is planning to end its state of emergency, stores in France are reopening, and New Zealand and the UK are planning to ease out of lockdowns.

The dollar, often seen as a refuge in times of international risk, rose 0.5% against major rivals on safe-haven inflows. A stronger dollar pressures gold and other commodities priced in it for global trade by making them more expensive in in other currencies.

Wall Street was mixed in choppy trade as the new pandemic worries competed with optimism about the reopening of economies The Dow lost 0.5% while the S&P 500 was virtually flat and the Nasdaq added 0.8%.

The other precious metals were mostly lower, with silver and platinum dropping 0.6% and 1%, respectively, while palladium rose 0.4%.

At the Comex close: June gold lost $15.90 to $1,698; July silver dropped a dime to $15.68; July platinum slid $8 to $781.30; and June palladium added $7, to $1,828.10 an ounce.