Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.4% to close under $1,815 as solid factory data lifted stocks and the dollar, undercutting demand for alternative stores of value.

US factory orders jumped another 1.5% in June driven by strong demand for airplanes, oil, and other industrial goods. Orders for durable goods rose 0.9% while non-durable goods like food and clothing jumped 2.1%.

Wall Street rose on the data, with the Dow and S&P 500 adding 0.8% each while the Nasdaq picked up 0.5% in choppy trade.

Benchmark 10-year Treasury yields were little changed as investors balanced the uptick in risk appetite against concerns about the spreading Delta variant of the coronavirus and the resumption of mask mandates in new areas of the US.

The dollar edged up, adding 0.3% after last week's 1% dive, as traders speculated that Friday's nonfarm payrolls report from the government might be strong enough to shift the Fed toward tapering monetary stimulus earlier than expected. A rising dollar weighs on gold by making it more expensive overseas.

The other precious metals were mostly lower, with platinum and palladium dropping 0.9% and 1.4%, respectively, while silver was virtually unchanged, inching up less than a penny.

At the Comex close: December gold slid $8.10 to $1,814.10; September silver added less than a penny, to $25.58; October platinum dropped $9.40 to $1,046.90; and September palladium shed $38.80 to $2,645.30 an ounce.