Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold edged lower for a third session, sliding 0.3% to close above $1,511, as the prospect of increased monetary stimulus in major economies boosted Treasury yields and undermined safe-haven demand.

The ECB is widely expected to cut interest rates and perhaps initiate another round of quantitative easing when it meets later this week. Economic weakness in Germany, Europe's lead economy, and political uncertainty over Brexit have pushed the region toward recession, prompting ECB Chief Mario Draghi to signal the likelihood of further monetary easing to revive growth.

Benchmark 10-year Treasury yields rose on the prospect of more cheap money entering the global economy and boosting risk appetite. The Fed is also expected to lower interest rates by another quarter- point later this month.

China is also joining the stimulus party, announcing on Friday that it will slash the amount of cash banks must hold in reserve, thereby boosting the amount they can lend. China's global exports fell 3% last month because of trade conflicts and slowing global growth.

The other precious metals were mixed, with silver adding 0.3% while platinum and palladium lost 0.6% and 0.5%, respectively.

At the Comex close: December gold slid $4.40 to $1,511.10; December silver picked up a nickel to $18.17; October platinum dropped $5.80 to $952.70; and December palladium slid $7.90 to $1,536.80 an ounce.