Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinNew York spot gold added less than 0.1% to close near $2,743 despite an early jump in Treasury yields and sharp gains in global equities as investors brace for volatile US elections next week. It was bullion's third straight winning session. Silver rose 0.7% to finish at $33.83 an ounce.

Benchmark 10-year Treasury yields initially spiked above 4.3% as investors rotated out of safe-haven bonds in relief that Israel's limited strikes against Iran this weekend appeared not to trigger any further escalation of the growing conflict.

But yields quickly receded back to flat ahead of a potent week of US economic data. The updated PCE index, Q3 GDP estimates, and the US nonfarm payrolls report will all be released. If weaker than expected, the odds would increase on stronger easing from the Fed, putting yields further under pressure.

Tracking with yields, the dollar initially rose as the yen plunged to a one-year low, then floated back to flat later in the session.

Global equities rallied on the anticipation of upbeat earnings reports from major tech firms this week.

Gold remained supported by the nail-biter US presidential election next week and worries that the results could turn tumultuous.

Platinum and palladium picked up 1% and 1.8%, respectively.

At the New York spot close: gold added $2, to $2,742.90; silver rose 23 cents to $33.83; platinum climbed $10.10 to $1,037.10; and palladium advanced $22.20 to $1,224.90 an ounce.