Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.6% to close under $1,736 as a new stimulus package prompted traders to take profits and shift into risk assets. The metal finished the week 2.2% higher, notching its fourth weekly win out of the past five.

President Trump signed into law another stimulus package of $484 billion dollars to help small and medium-size businesses cope with the devastating fallout from the cornonavirus. This aid program brings total COVID-19 stimulus spending to more than $2.8 trillion so far.

Meanwhile, consumer sentiment stabilized in April after a record plunge in March, perhaps signaling that Americans believe the worst of the pandemic has passed. Core capital goods also edged slightly higher. Over orders for durable goods fell 14%, hover, on plunging demand for cars and trucks.

Wall Street applauded the additional spending and surprising lift in sentiment. The Dow and S&P 500 bounced 1% and 1.4%, respectively, while the Nasdaq rose 1.7%. All three index still suffered losses for the week.

The other precious metals were lower for the day and week. Silver slid 0.6% for a weekly decline of 0.2%, Platinum dropped 1.8% today and 1.5% this week. Palladium shed another 0.8% for a weekly loss of 6.8%.

At the Comex close: June gold slipped $9.80 to $1,735.60; May silver slid 9 cents to $15.26; July platinum dropped $14.20 to $773.80; and June palladium lost $15.60 to $1,985.30 an ounce.