Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1.3% to close under $1,735 as upbeat COVID-19 news and stimulus promises from the Fed boosted risk appetite, dulling demand for safe havens. It was the metal's first down session in the past five.

Biotech firm Moderna announced positive results for a Phase 1 clinical trial of an experimental coronavirus drug today, fueling dreams of a post-COVID world. While still a long way from a working vaccine, the early-stage results are the first of their kind. A Stage 2 trial will begin shortly.

Wall Street rallied sharply on the news, with the Dow rising 3.9% while the S&P 500 added 3.2%. US Treasury yields also rose on the whetted risk appetite as investors liquidated bonds and bought stocks.

Also fueling the demand for risker assets, Fed Chair Jerome Powell offered a positive assessment of economic prospects, forecasting a gradual recovery. He pledged that the Fed will supply as much monetary stimulus as necessary for as long as it takes.

The other precious metals were higher, with silver rising 2.3% while platinum and palladium jumped .4% and 9.1%, respectively.

At the Comex close: June gold fell by $21.90 to $1,734.40; July silver jumped 40 cents to $17.47; July platinum added $52.20, to $869.30; and June palladium surged $169.20 to $2,027.10 an ounce.