Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.7% to close under $1,714 as better-than-expected job numbers and optimism about the gradual reopening of the US economy boosted risk appetite and undercut demand for safe-haven assets. The metal still finished the week with a gain of 0.8%.

The US shed 20.5 million jobs in April, according to the Commerce Department's nonfarm payrolls report, boosting the unemployment rate to 14.7%, the highest since the Great Depression in the 1930s. The devastating job losses came in every sector of the economy, even healthcare, as the nation locked down to prevent the spread of COVID-19.

In a chaotic sign of the times, however, Wall Street rallied after the report because, while historically bad, it could have been worse. Many economists were forecasting job losses of 22 million or more, with the unemployment rate rising to 16%. All three major US indexes rose more than 1.3%.

Further fueling risk appetite, an increasing number of states are trying to restart their economies with the encouragement of the Trump administration, which has shifted its focus to revitalizing commerce. As part of that effort, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin have reopened negotiations with China for a new trade deal.

The other precious were mixed for the day and week. Silver added 1.2% for a weekly rise of 6%. Platinum picked up .9% today and 2% this week. Palladium fell 0.8% for a weekly loss of 3.5%.

At the Comex close: June gold fell $11.90 to $1,713.90; July silver rose 19 cents to $15.78; July platinum picked up $72.20 to $789.30; and June palladium dropped $14.60 to $1,821.10 an ounce.