Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 2.2% to close near $1,726 despite rising equities as another spate of dire jobs data undercut the dollar and boosted demand for alternative stores of value.

Nearly 3.2 million Americans filed for first-time unemployment benefits last week, reflecting the ongoing devastation wrought by the coronavirus on the economy. While weekly filings have been tapering off, around 33.5 million workers have lost their jobs–roughly one in five–since the last week in March.

The data comes one day after ADP reported the private sector shed 20.2 million jobs in April, more than twice a many as were lost during the entire Great Depression. Analysts expect tomorrow's Federal nonfarm payrolls report to show even more damage to the labor market.

Wall Street looked past the scary jobs data to see unexpectedly strong earning in tech, financials, and the materials sectors. The Dow and S&P 500 add 0.9% and 1.2%, respectively. The Nasdaq rallied 1.4% behind huge gains by PayPal, erasing all loses for 2020.

The dollar fell 0.2% against major rivals, supporting gold and other commodities priced in it for global trade by making them less expensive in other currencies. Treasury yields also fell on flights to safety.

The other precious metals were also higher, with silver rising 3.8% while platinum and palladium climbed 2.2 and 4.4%, respectively.

At the Comex close: June gold gained $37.30 to $1,725.80; July silver climbed 58 cents to $15.59; July platinum rose $16.60 to $782.10; and June palladium added $76.80, to $1,835.70 an ounce.