Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold gained 0.7% to close near $2,657 despite upticks in Treasury yields and the dollar as solid US economic data rekindled concerns about inflation. Bullion is often seen as a hedge against loss of purchasing power. Silver shed 0.9% to finish at $30.07 an ounce.

Government data showed the number of US job openings rose to a six-month high in November, suggesting that the labor market might be rebounding after a few soft months.

Separately, the ISM reported the prices paid by services companies rose to the highest level in two years at the end of last year, rekindling fears of inflation.

Benchmark 10-year Treasury yields climbed after the data, curtailing gold’s gains. The dollar also edged higher on expectations that the Fed will be forced to slow its rate-cut cycle because of sticky inflation and the prospect of higher tariffs with the Trump administration.

Platinum and palladium rose 3.6% and 2.5%, respectively.

At the New York spot close: gold gained $18.30 to $2.656.70; silver slid 27 cents to $30.07; platinum rose $33.50 to $962.80; and palladium picked up $23.10 to $932.70 an ounce.