Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slid 0.9% to close above $1,660 as hopes for economic stimulus sparked a rebound in equity markets, dulling demand for safe havens.

President Trump said today he will take "major steps" to protect the economy from coronavirus damage by requesting a stimulus package from Congress that includes a payroll tax cut and other measures.

Wall Street rallied sharply on the news, with the Dow, S&P 500, and Nasdaq all posting gains of nearly 5% one day after their worst tumbles since 2008. Despite today's rebound, all three indexes are hovering around 15% lower than their February peaks, with a 20% drop confirming a bear market.

The dollar jumped 1.7% against major rivals led by the yen and Swiss franc as traders shifted out of haven currencies The Bank of Japan is promising an additional $4 billion in coronavirus easing, further undercutting the yen.

The other precious metals were mostly lower, with silver and palladium losing 0.6% and 3.7%, respectively, while platinum added 0.8%.

At the Comex close: April gold slid $15.40 to $1,660.30; May silver dropped a dime to $16.96; April platinum picked up $6.60 to $869.40; and June palladium dropped $88.30 to $2,317.40 an ounce.