Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.3% to close near $1,912 as renewed optimism about fiscal stimulus pressured the dollar and boosted demand for alternative stores of value.

Speaker Nancy Pelosi said yesterday that a new relief package could be passed into law before election day despite significant difference with the Trump administration. The White House concurred that the two sides are moving closer together to aid individuals, states, and businesses devastated by COVID-19

The dollar fell 0.5% against major rivals on the stimulus view, lifting gold and other commodities priced in it for glob al trade. Coming atop the nearly $4 trillion already spent on coronavirus relief, a new aid package would increase the risk of long-term inflation, which would also be bullish for gold.

Wall Street fell back as substantial losses among tech blue chips offset the heightened risk appetite stoked by the possible stimulus deal. All three major indexes lost around 1.5%.

The other precious metals were mostly higher, with silver and palladium gaining 1.2% and 0.7%, respectively, while platinum slid 0.7%.

At the Comex close: December gold rose $5.30 to $1,911.70; December climbed 29 cents to reach $24.70; January platinum slid $5.80 to $863.50; and December palladium added $15.90 to $2,357.50 an ounce.