Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.9% to close under $1,827 as falling oil prices and jobless claims combined with upticks in the dollar and bond yields to prompt traders to take profits from the metal's four-day rally.

Initial jobless claims for jobless benefits fell for the second straight week, dropping nearly 20,000 to 793,000, while ongoing claims fell by 145,000. While more than 4.5 million Americans continue to receive benefits, the decrease added to hopes for gradual improvements in the labor market.

Oil fell for the first time in nine session, with WTI dropping 1.2% after OPEC trimmed its forecast for global oil demand this year. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The dollar added 0.1% against major rivals, pressuring gold and other commodities priced in it for global trade. Higher Treasury yields also weighed on the metal by increasing the opportunity cost for holding the metal instead of bonds as a safe-haven asset.

Gold had risen for four straight sessions behind expectations that the Biden administration will push its $1.9 trillion COVID relief package through Congress, adding to budget deficits and increasing the risk of higher inflation. The CBO release a forecast today that annual deficits will be around $1 trillion for the next decade without factoring in the next stimulus package.

The other precious metals were mostly lower, with silver and palladium sliding 0.1% and 0.2%, respectively, while platinum edged up less than 0.1%.

At the Comex close: April gold fell $15.90 to $1,826.80; March silver slipped 3 cents to $27.05; April platinum rose 10 cents to $1,247; and March palladium dropped $5.50 to $2,347 an ounce.