Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 0.9% to close at $1,734 as optimism over global economic reopening boosted equities and undercut demand for safe havens. It was the metal's second straight down session.

World stock markets rallied to the highest levels since March as signs of recovery from the coronavirus downturn sparked risk appetite. Global PMI data for May signaled an encouraging rebound in manufacturing, lifting speculation that the worst of the economic devastation may be over. The Dow gained 1% while the Global Dow added 1.5%.

The dollar slipped back 0.1% against major rivals as higher-risk currencies like the Aussie dollar, pound, and euro rallied. The euro was aided by expectations that the ECB will add more stimulus when it meets later this week. The softer dollar helped to backstop gold, which becomes less expensive overseas as the dollar loses value.

The other precious metals were also lower, with silver falling 3% while platinum and palladium lost 3.6% and 0.3%, respectively.

At the Comex close: August gold dropped $16.30 to $1,734; July silver fell 57 cents to $18.26; July platinum lost $32.30 to $868.70; and September palladium slid $5.80 to $1,982.60 an ounce.