Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.5% to close under $1,895 as mixed data and higher Treasury yields prompted traders to take profits from its three-session rise above $1,900.

First-time jobless claims fell by 38,000 last week to 406,000, a new pandemic low, as the recovery from shutdowns continues. It was the fourth straight week of falling claims. Separately, the economy grew 6.4% in the first quarter, according to the Commerce Department.

On the other side of the ledger, orders for durable goods fell 1.3% in April for the first decline in a year. The dop was attributed almost entirely to a global shortage of computer chips, which stopped automakers from filling orders for cars and trucks, not from a lack of demand for goods.

The housing market appears to be cooling off, with pending homes sales falling 4.4% in April. While sales are up more than 50% on an annualized basis, skyrocketing prices and reduced inventory are forcing would-be shoppers for mid-priced home to postpone their purchases.

Wall Street crept up on the net-positive data, with the Dow adding 0.3% while the S&P 500 and Nasdaq were up around 0.1%.

Benchmark 10-year Treasury yields rebounded from three-week lows, pushing back above 1.6% as risk sentiment spurred investors to sell bonds. Higher yields are a headwind for gold because they increase the opportunity cost for holding the meal, which offers no yield itself, instead of bonds as a safe-haven asset.

Gold's slide was backstopped by a weaker dollar, which fell 0.2% against major rivals.

The other precious metals were mostly lower, with silver and platinum dropping 0.5% and 1.8%, respectively, while palladium rose 2.6%.

At the Comex close: August gold slid $9 to $1,894.80; July silver dropped 6 cents to $27.75; July platinum lost $21.10 to $1,177.80; and September palladium climbed $57.80 to $2,825.50 an ounce.