Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold was steady today despite technically closing 0.9% lower at just under $1,891. All gold's losses came yesterday in electronic trade after hours, when the gold price was pushed down to $1,889 following a tweet from President Trump abruptly cancelled negotiations on fiscal stimulus.

Most markets went into immediate tailspins and gold was swept up in the liquidations. In price action today, however, gold actually edged up $2 from last night's level.

President Trump then appeared to reverse himself on stimulus in another tweet late last night, adding confusion and optimism to the economic outlook. Whereas he initially said no aid package would be negotiated before the election on November 3, he then called for limited aid to certain sectors like airlines and checks to individuals.

One day after plunging on the halted talks, Wall Street rebounded on hopes that some stimulus may, in fact, be forthcoming. The Dow and Nasdaq added 1.9% while the S&P 500 picked up 1.8%.

The dollar fell 0.1% against major rivals under pressure from the prospect of new pandemic relief. a weaker dollar supports gold and other commodities by making them less expensive in other currencies.

The other precious metals were also lower, with silver slipping 0.1% while platinum and palladium dropped 0.4% and 0.2%, respectively.

At the Comex close: December gold fell $18 to $1,890.80; December silver dipped 2 cents to $23.90; January platinum slipped $3.50 to $866.80; and December palladium dropped $9.10 to $2,382.10 an ounce.