Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped from early gains to post a loss of 0.4%, closing above $1,335 as upbeat data and rising long-term Treasury yields reduced demand for alternative stores of value.

Consumer confidence rose in January, according to the Conference Board, with optimism growing about the strength of the economy in 2018. One caveat is uncertainty about the benefit of tax cuts, which won't show up in paychecks until February.

Home prices picked up in the three-month period through November, with the Case-Shiller index rising 6.3%. Limited inventory remains the primary diver of rising prices.

Gold had rallied to a midday high above $1,355 on safe-haven inflows before sliding into losses as the buck recovered. Those early gains came as US and global equities tumbled, with the Dow dropping 1.2% and the Global Dow 1%.

Rising long-dated Treasury yields also pressured gold by attracting safe-haven investors concerned about rising stock-market volatility. Wall Street's fear gauge, the CBOE Volatility Index, jumped to a five-month high.

The other precious metals also fell, with silver dropping 7 cents while platinum and palladium losing 1.1% and 2.9%, respectively.

At the Comex close: February gold futures slid $4.90 to $1,335.40; March silver dropped 7 cents to $17.06; April platinum fell $10.90 to $1,001.80; and March palladium tumbled $30.95 to to $1,052.45 an ounce.