Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained for a second session, adding another 0.3% to close near $1,777, as bargain-hunters took advantage of the recent rollback in prices despite upbeat economic data that rallied the dollar and equities.

The ISM reported manufacturing remained extremely strong in June, holding above 60 for the fifth consecutive month, where any reading above 50 indicates expansion. US Manufacturing has now grown for 13 straight months despite being constrained by supply and labor shortages.

In addition, first time jobless claims fell below 400,000 last week for the first time since the pandemic began. While the weekly totals are still twice what they were before Covid, they nonetheless signal a labor market strongly on the mend.

Fueled by upbeat economic data, all three major US stock indexes pushed higher today, with the S&P 500 leading the way by adding 0.5% to reach a new record high. Cyclical stocks like financials, industrials, and energy shares were the big winners. The Dow added 0.4% and the tech-heavy Nasdaq picked up 0.2%.

The dollar added 0.1% against major rivals on the new signs of US economic health. Benchmark 10-year Treasury yields rolled back to 1.455%, however, as the threat of rising Covid cases in Europe and Asia prompted some investors to seek out safety.

The other precious metals mixed, with silver and palladium sliding 0.3% and 0.4%, respectively, while platinum added 0.7%.

At the Comex close: August gold gained $5.20 to $1,776.80; September silver dropped 9 cents to $26.12; October platinum rose $8 to $1,080; and September palladium shed $10.80 to $2,768.90 an ounce.