Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.2% to close near $1,934 on safe-haven demand after an aborted Russian coup and weak German economic data undercut yields and the dollar.

Yevgeny Prigozhin and his Wagner mercenaries staged a destabilizing rebellion against Vladimir Putin over the weekend, marching to within 120 miles of Moscow before a negotiated settlement. Wagner troops have been the most effective and brutal soldiers in Russia's invasion of Ukraine.

The short-lived revolt was seen as significantly weakening Putin's power—and perhaps his control over Russia– just as Ukraine has launched an intense counteroffensive to reclaim its territory.

Germany's Ifo index of business confidence fell in June by more than forecast, underscoring the struggles facing the Eurozone's biggest economy.

Benchmark 10-year Treasury yields fell below 3.7% as investors sought safety in government bonds. Falling yields support gold by decreasing the opportunity cost for holding it instead of bonds as a haven asset.

Tracking lower with yields, the dollar shed 0.2% against major rivals led by the yen. The Japanese currency rallied after Masato Kandan, a leading finance minister, signaled a possible intervention to support it.

The other precious metals were also higher, with silver rising 2.1% while platinum and palladium picked up 0.5% and 1.9%, respectively.

At the Comex close: August gold $4.20 to $1,933.80; July silver rose 47 cents to $22.83; July platinum increased $4.90 to $928.60; and September palladium picked up $23.70 to $1,302.70 an ounce.