Gold News & Info

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold edged up 0.1% to close above $3,302 on bargain-hunting despite rising yields and a stronger dollar as traders digested a pessimistic outlook in the minutes from the Fed's May meeting. Silver slid 0.5% to finish at $33 an ounce.

At their policy meeting earlier this month, Fed officials acknowledged "difficult tradeoffs" are likely to ensue from the Trump administration's aggressive trade policies. Rising inflation and rising inflation are the likely outcomes of multi-directional trade wars, along with a heightened risk of inflation, according to Fed staff projections.

The dollar rose 0.2% against major rivals on hopes that Trump's temporary retreat from 50% tariffs on the EU could be made permanent through trade talks.

Benchmark 10-year Treasury yields rose to nearly 4.5% as investors shifted away from bonds on the trade optimism.

Gold traders swept in despite the headwinds of rising yields and a stronger dollar after yesterday's 1.9% slide brought down prices.

Platinum was flat and palladium dropped 1.1%.

At the New York spot close: gold gained $3.30 to $3,302.40; silver slid 15 cents to $33; platinum was unchanged at $1,083.70; and palladium shed $11.30 to $972.90 an ounce.