Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.4% in choppy trading to close under $1,318 as equities rebounded and the dollar overcame early weakness despite falling bond yields, decreasing demand for alternative assets.

Tech stocks led a rebound in US equities, with the Nasdaq jumping 1.8% and the Dow around 1%, as upbeat earnings among chipmakers rekindled risk appetite. At the same time, investors shook off worries about rising inflation to buy 10-year Treasury notes, driving yields back under 3%.

The dollar extended its gains, rising 0.4% against major rivals, after the ECB left interest rates unchanged and recommitted to quantitative easing until September. The euro initially rallied after the central bank voiced confidence in the Eurozone economy, pressuring the dollar into early-session losses and boosting gold as high as $1,328. But mildly dovish post-meeting remarks from ECB chief Mario Draghi drove the euro lower, boosting the buck and pressuring gold.

The other precious metals were mixed, with silver dipping less than 0.1% while platinum dropped 0.3% and palladium rose 1.2%.

At the Comex close: June gold slipped $4.90 to $1,317.90; June silver dipped one cent to $16.57; July platinum slid $2.60 to $910.10; and June palladium rose $12 to $979.50 an ounce.