Gold News & Info

Source:Dana Samuelson, American Gold Exchange

AustinGold gained for a third straight New York session, closing firmly above $3,400 an ounce, its third-highest finish on record. Gold has now risen in four of the past five sessions, fueled by dovish signals from Fed Chair Jerome Powell�s Jackson Hole speech last Friday, which opened the door to possible rate cuts at the Fed�s September 16�17 meeting.

Silver, platinum, and palladium also advanced.

Gold tends to rally ahead of and during rate-cut cycles�and it is doing so now. The dollar fell another 40 basis points today and is now down 80 bps since Powell spoke to 97.81 on the US dollar index. Treasury yields are falling in tandem, with the 10-year note down 12 basis points from Friday to 4.21% today.

Gold benefits when rates, yields, and the dollar slide. As most global demand for gold comes from outside the U.S., a cheaper dollar makes gold more affordable abroad. Lower yields also reduce the opportunity cost of holding bullion.

Persistent inflation adds to the metal�s appeal. Today�s upward revision to Q2 GDP�from 3.0% to 3.3% underscored the US economy�s resilience and stoked fears that rate cuts could reignite price pressures.

At the New York spot close: gold gained $27.20 to $3,431.80; silver added 50 cents to $39.19; platinum picked up $21.81 to $1,363.21; and palladium rose $22.60 to $1,104.60 an ounce.