Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.3% to close below $1,225 as political turmoil in Europe boosted the dollar, diminishing demand for alternative stores of value.

Italy plans to move forward with a budget that violates guidelines established by the European Union when it bailed out the beleaguered Italian economy several years ago. Resisting unpopular austerity measures, Rome insists on running a budget deficit of 2.4% of GDP, three times the allowed amount, which may result in penalties from its creditors.

The dollar rose 0.3% against major rivals as traders shifted out of the euro because of Italy's budget conflict. The UK pound also fell sharply on growing concerns that PM Theresa May's inability to reach a Brexit agreement could result in a vote of no confidence against her government. A rising dollar pressures gold and other commodities by making them more expensive overseas.

Palladium surged 3.3% to close above $1,100 for the first time since January after President Trump threatened to pull out a 1987 nuclear arms treaty with Russia for repeated violations. Traders speculated that sanctions may ensue, severely limiting global supplies. Russia produces around 40% of the world's palladium.

The other precious metals were slower, with silver dropping 0.4% while platinum lost 1.3%.

At the Comex close: December gold slipped $4.10 to $1,224.60; December silver fell 6 cents to $14.59; January platinum lost $13.50 to $822.50; and December palladium surged $35.80 to $1,107.70 an ounce.