Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGained 0.5% to close above $1,771 despite a stronger dollar and rising equities as bargain-hunters swept at the end of a tough month. Although it dropped 7% in June, the metal notched a 5% rise during the second quarter. Silver rose 1.1% today to post a quarterly climb of 8% despite dropping 6% in June.

Private payrolls added 692,000 jobs in June according to ADP, with service and hospitality industries leading the way. The rise fell short of May's 886,000 new jobs, revised down from an initial estimate of 978,000.

Separately, the Chicago regional PMI slipped a little in June after hitting the highest level in 50 years the month before. The Chicago report is the last regional gauge of manufacturing before the national ISM data are released tomorrow.

The upbeat data stoked risk appetite, lifting the Dow and S&P 500 by 0.6% and 0.2%, respectively, while the tech-heavy Nasdaq slipped 0.2%. All three major indexes enjoyed there strongest first half of a year since 2019.

The dollar also rallied, adding another 0.4% against major rivals. Rising Covid worries in Asia and Europe over the deadly Delta variant and the Fed's recent hawkish turn have combined to drive the buck 2.6% higher in June, its best month since 2016. A stronger dollar creates headwinds for gold and other commodities by making them more expensive in other currencies.

Platinum rose 0.2% while palladium picked up 3.7% in today's session.

At the Comex close: August gold gained $8 to $1,771.60; September silver climbed 29 cents to $26.19; October platinum added $2.30, to $1,072.90; September palladium rose $98 to $2,779.20 an ounce.