Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold jumped 1.3% to close at $1,753 as a resurgence of coronavirus cases triggered fears of a new wave of lockdowns, stifling risk appetite and boosting safe-haven assets. The metal ended the week nearly 1% higher for its second straight weekly win.

A sharp rise in COVID-19 infections and hospitalizations in the US and China this week is prompting worries that the global economy might again close down to prevent another pandemic wave.

More than 20 US states have reported increases in cases and hospitalization, with at least six hitting new daily records. Several New cases in China prompted a "soft lockdown" of Beijing, closing schools and limiting public assembly.

In what investors fear is a sign of things to come, Apple announced it will temporarily close stores in virus hotbed states including Florida, Arizona, and North and South Carolina.

Wall Street tumbled on the rising COVID concerns, with Dow and S&P 500 losing 0.8% and 0.5%, respectively. Treasury rallied alongside gold on flights to safety, pressuring yields.

Capping gold's gains, the dollar added 0.3% against major rivals. A stronger buck typically pressures gold and other commodities by making them more expensive overseas.

The other precious metals were mixed for the day and week. Silver climbed 1.9% for a weekly rise of 2.1%. Platinum added 1.9% today and 1% this week. Palladium ended the session nearly flat for a weekly loss of 1.6%.

At the Comex close: August gold gained $21.90 to $1,753; July silver picked up 34 cents to $17.85; July platinum added $15.10, to $827.30; and September palladium dipped 20 cents to $1,908.40 an ounce.