Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.3% to close near $1,31 as upbeat data lifted the dollar and decreasing fears of a second pandemic wave in China reduced demand for safe havens.

1.5 million Americans filed for first-time unemployment benefits through the states and another 700,000 filed applied through federal programs last week. It was the tenth straight week of decreasing totals as the number of COVID-related layoffs continued to decrease. Around 20 million people are receiving benefits.

Adding to the upbeat sentiment, the Philly Fed Region enjoyed a solid rebound in manufacturing in June, with its index of business activity rising to 27.5 from negative 43.1 in May. Any reading above zero show improvement.

China has reportedly contained its latest surge in COVID cases after Beijing instituted "soft lockdown" measures like closing schools and limiting gatherings.

Wall Street was mixed about the news, with the Dow dipping .2% while the S&P 500 and Nasdaq added 0.1% and 0.3%, respectively.

The dollar rose 0.3% against major rivals as the pound slid on reports that the Bank of England will expand quantitative easing. A stronger dollar weighs on gold and other commodities by making them costlier in other currencies.

The other precious metals were also lower, with silver dropping 1.5% while platinum and palladium lost 3.1% and 0.9%, respectively.

At the Comex close: August gold slipped $4.50 to $1,731.10; July silver lost 27 cents to $17.51; July platinum fell $26 to $812.20; September palladium slid $16.90 to $1,908.60 an ounce.