Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.4% to close under $1,845 as rising equities boosted risk appetite despite downbeat data, undercutting safe-haven demand.

All three major stock indexes finished higher, with the Dow adding 0.2% and the Nasdaq 0.3%, as traders looked ahead to increasing levels of government spending on stimulus and infrastructure from the incoming Biden administration. The President-elect said last week that trillions of dollars in more pandemic relief will be necessary to get the economy back on track.

The selloff in US Treasury notes over the past week lifted stocks and yields as investors banked on more stimulus raising inflation. Although yields clicked down slightly today, the momentum continued to weigh on gold, which becomes less attractive when yield rise because it offers no yield itself.

The dollar lost 0.4% against major rivals, backstopping gold's slide, as higher-risk currencies like the Australian and New Zealand dollars rallied. A weaker dollar typically supports gold and other commodities priced in it for global trade by making them less expensive overseas.

The National Federation of Independent Businesses reported optimism among small business owners fell to a seven-month in December because of the accelerating pandemic and resultant closures. And the government reported layoffs rose nationally to a five month high for the same reasons.

The other precious metals were mixed, with silver and platinum adding 0.5% and 2.2%, respectively, while palladium dipped 0.1%.

At the Comex close: February gold slipped $6.60 to $1,844.20; March silver rose 15 cents to $25.44; April platinum climbed $23.20 to $1,067.80; and March palladium receded $2.60 to $2,376.20 an ounce.