Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold gained another 0.3% to close above $1,642 as deepening coronavirus concerns spurred safe-haven demand, hammering stocks, bond yields, and the dollar. The metal ended the week with a rise of 6.8%, its strongest weekly advance since 2011.

US stocks indexes tumbled again as the total number of COVID-19 cases surpassed 100,000. The S&P 500 lost 1.8% for its tenth drop in the past 12 sessions, closing the week down 13% from its recent peak a month ago.

Benchmark 10-year Treasury yields plunged again to an all-time low under 0.8%, reflecting worries about the economic fallout of the growing epidemic.

The dollar dropped 0.8% against major rivals to an eight-week low, undercut by plummeting Treasury yields and expectations that the Fed will cut interest rates again when it meets later this month. The central bank already slashed a half-point from its benchmark rate this week in its first emergency meeting since the financial crisis in 2008.

Some upbeat US economic data capped gold's gains, pulling it back from an intrasession high near $1,693. Nonfarm payrolls added 273,000 jobs in February, far more than forecast, and the trade deficit fell 6.7% in January, giving GDP a lift. However, the data was compiled before the coronavirus began spreading in earnest, paralyzing supply chains and undercutting prospects for continued growth.

The other precious metals were mixed on the day and week. Silver slipped 0.7% today but rose 4.9% this week. Platinum added 3.5% today and 3.7% this week. Palladium dropped 1.2% for the day and 2.1% for the week.

At the Comex close: Gold added $4.40, to $1,672.40; May silver slid 13 cents to $17.26; April platinum climbed $30.70 to $896.40; June palladium lost $30.20 to $2,439.20 an ounce.