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Daily Gold Update
Current precious metals news

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Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.


July 21: Gold rebounds on geopolitical risk

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold added 0.3% to close just under $1,314, rising for the third session out of the past four, as heightened geopolitical risk drove investors toward safe havens. U.S. and global equities pulled back as the dollar and U.S. Treasurys rose alongside gold.

The U.S. accused Russia of arming and training the insurgents who shot down a Malaysian Airlines jetliner past week, killing all aboard, as fighting intensified between Ukrainian and rebel forces around Donetsk. The EU will meet tomorrow to weigh deeper sanctions against Russia for fomenting the insurrection and supplying weapons to the rebels.

Fighting also intensified in Gaza following Israel's commitment of ground troops to end rocket bombardments from Hamas strongholds. The death toll in the 14-day conflict has risen to more than 550 Palestinians and 17 Israelis as hopes for a quick ceasefire begin to fade.

Oil jumped nearly 1.6% on concerns about potential supply disruptions. The other precious metals were mixed, with silver and platinum picking up 0.6% and 0.2%, respectively, while palladium slid 0.5%.

At the Comex close: August gold added $4.50, to $1,313.90; September silver gained 12 cents to $21.01; October platinum picked up $3.50 to $1,493.40; and September palladium slid $4.35 to $877.15 an ounce.




July 18: Gold slides 0.6% as risk appetite returns

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold fell 0.6% to close under $1,310 as risk appetite returned after yesterday's flights to safety following the downing of a Malaysian Airlines jetliner in eastern Ukraine. The metal finished the week with a 2.1% loss for its first down week in seven.

U.S. and global equities bounced back after yesterday's selloff as the Ukrainian crisis showed few signs of escalating for now. The Dow added 117 points to close at 17,100 while the S&P 500 jumped 1% and the Global Dow picked up 0.5%. The rallies came despite news of falling U.S. consumer sentiment and Israel's launching of a ground offensive in Gaza. Treasury prices slipped for the day but posted a second straight weekly gain on rising geopolitical instability.

The other precious metals were weaker on the day and mixed on the week. Silver surrendered 1.2% of yesterday's 1.7% gain, closing the week down 2.6%. Platinum dropped 0.9% today for a weekly loss of nearly 1.6%. Palladium, the weekly outlier, gained 0.7% since last Friday despite sliding by 0.4% today, buoyed by the prospect of deeper sanctions against Russia, a leading producer.

At the Comex close: August gold fell $7.50 to $1,309.40; September silver dropped 25 cents to $20.89; October platinum lost $13.80 to $1,489.90; and September palladium slid $3.60 to $881.50 an ounce.




July 17: Gold surges 1.3% on Ukraine turmoil

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- In its biggest day in four weeks, gold surged 1.3% to close just under $1,317 as rising turmoil in the Ukraine spurred demand for safe havens.

A Malaysian Airlines passenger plane was shot down by radar-guided missiles in eastern Ukraine today, killing all 295 passengers and provoking accusations by Kiev that pro-Russian insurgents were responsible. The catastrophe comes one day after a Ukrainian fighter jet was reportedly shot down by Russia.

Gold moved above $1,300 in early trade after the U.S. and E.U. announced deeper sanctions against Russia for providing weapons and support to the rebels. The metal then jumped nearly 1% in a matter of minutes after reports of down Malaysian airliner caused sharp risk-off sentiment. The Dow and Global Dow tumbled nearly 1% while U.S. Treasurys rallied alongside gold on flights safety, forcing yields on 10-year bonds down near their lowest level of the year. The dollar rose against most rivals and oil jumped 1.8% on concerns about possible supply interruptions if tensions escalate further.

The other precious metals tracked gold higher despite the stronger dollar, which typically weighs on commodities denominated in it for international trade by making them more expensive for foreign buyers. Silver jumped 1.7% while platinum and palladium gained 1.2% and 1%, respectively. Platinum prices, which approached a 13-year high, were aided by worries that sanctions against Russia, a major producer, may curtail supply.

At the Comex close: August gold surged $17.10 to $1,316.90; September silver jumped 36 cents to $21.13; October platinum gained $18.00 to $1,503.70; and September palladium rose $8.35 to $885.10 an ounce.




July 16: Gold rebounds 0.2% on bargain-hunting

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold rebounded 0.2% to close just under $1,300 as bargain-hunters re-entered the market after three down sessions. Prices were buoyed by reports that gold imports in India surged 65% in June to more the $3 billion, suggesting that demand is returning in the world' second-largest bullion buyer as the Bank of India lifts curbs on imports.

Gold's gains came despite generally upbeat U.S. economic data and a rising dollar, which tends to weigh on prices for precious metals and other commodities denominated in the currency for international trade. The other metals were mixed, with silver slipping 0.5% while platinum edged up slightly and palladium gained 0.9%.

The Fed Beige Book of anecdotal reports on economic activity showed modest to moderate expansion in all twelve Fed regions. In addition, U.S. factory output rose in the second quarter at its fastest pace in more than two years. In potentialyl bullish news for gold, a traditional hedge against inflation, wholesale prices rose more than expected last month.

At the Comex close: August gold rose $2.70 to $1,299; September silver slipped 12 cents to $20.77; October platinum edged up 70 cents to $1,485.70; and September palladium gained $8.20 to $876.75 an ounce.




July 15: Gold slips 0.7% on rate speculation

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.3% to a three-week low, closing just over $1,297, as the dollar rallied after Fed Chair Janet Yellen said interest rates could rise more quickly than expected if unemployment continues dropping at an accelerated pace. The metal was also hit by follow-up technical weakness after yesterday's 2.3% following a mysterious $2.7 billion sell-order when Comex opened.

In prepared remarks before the Senate, Yellen remained generally quite dovish about monetary policy, asserting that "a high degree…of accommodation remains necessary" because "the recovery is not complete." Nonetheless, her suggestion that increases in the federal funds rate could begin "sooner than currently envisioned" if the labor market improves faster than anticipated, reduced demand for gold as an altertnative store of value. Treasurys fell for a second day alongside other safe havens.

The CBO issued a warning today that federal debt is forecast to rise to 106% of the economy, from its current 74%, in 25 years if spending on health benefits and Social Security is not contained. Calling the current path "unsustainable," the CBO report also pointed to rising interest payments on current debt as a factor in the escalating debt-to-GDP ratio.

The dollar gained against most rivals, especially the euro and yen, following Yellen's statement. A rising buck pressures gold and other precious metals denominated in the currency for international trade by making them more expensive to buyers overseas. Silver dipped around 0.1% while platinum and palladium fell 0.5% and 0.4%, respectively.

At the Comex close: August gold slipped $9.60 to $1,297.10; September silver dipped 3 cents to $20.89; October platinum lost $8 to $1,485; and September palladium dropped $3.45 to $868.55 an ounce.




July 14: Gold tumbles on surging risk appetite

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- In its biggest one-day loss of 2014, gold tumbled 2.3% to close just under $1,307 as traders took profits from its recent rally to a four month high. A huge sale of around $1.7 billion in futures in the opening moments of today's Comex session triggered automatic stop-loss selling, driving gold through support at $1,330 and $1,310 before it stabilized above major support at $1,300. The source of the sale was not identified.

Receding fears about Portuguese banking problems helped to spur the sell-off, boosting risk appetite and rallying global equities. The Dow jumped more than 110 points and the Global Dow added 0.7%. U.S. Treasury prices and Portuguese bond yields fell on the decreased appetite for safe havens.

The other precious metals fell along with gold. Silver dropped 2.6% while platinum and palladium lost 1.2% and 0.5%, respectively.

At the Comex close: August gold tumbled $30.70 to $1,306.70; September silver dropped almost 55 cents to $20.91; October platinum fell $19.20 to $1,494.30; and September palladium slid $4.20 to $871.10 an ounce.




July 11: Gold dips into 1.3% weekly gain

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.1% to close above $1,337, holding near a 16-week high, as reduced concerns about Portuguese banking woes lifted risk appetite. The metal finished the week 1.3% higher for its sixth consecutive weekly gain.

The ECB sought to reassure the markets that it stands ready to support troubled banks, and that turmoil at Espirit Santo, Portugal's second largest bank, has little potential to damage the EU banking system. The markets seemed somewhat mollified, with global equities turning positive after yesterday's pullback. The dollar extended yesterday's gains, weighing on most precious metals and other commodities denominated in the U.S. currency for international trade.

Silver and platinum edged down 0.2% each but finished the week with gains of 1.5% and 0.4%, respectively. Palladium bucked the daily trend by adding 0.2%, finishing the week up 1.6%.

At the Comex close: August gold dipped $1.80 to $1,337.40; September silver slid 5 cents to $21.46; October platinum dropped $3.20 to $1,513.80; and September palladium picked up $1.70, to $875.30 an ounce.




July 10: Gold at 16-week high on banking woes

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold surged 1.1% to close at a 16-week high near $1,340 as Portuguese banking woes helped to tank equities and drive investors toward safe havens. The metal was also supported by follow-though demand after yesterday's Fed minutes underscored the central bank's dovish outlook on maintaining near-zero interest rates.

Turmoil at Portugal's second largest lender, Banco Espirito Santo, resurrected nightmares about the Eurozone debt crisis from 2012, causing regional bond yields to spike and global stocks to tumble. The Dow fell as much as 175 points before bouncing off lows for a 0.4% loss, and the Global Dow dropped 0.6%.

U.S. Treasury prices rose for the fourth straight session on flights to safety. The other precious metals also rose, with sliver leading the way with gains of 2.1%. Platinum and palladium added 0.7% and 0.1%, respectively.

At the Comex close: August gold surged $14.90 to $1,339.20; September jumped 44 cents to $21.51; October platinum gained $10.10 to $1,517; September palladium added 90 cents, to $873.60 an ounce.




July 9: Gold extends gains after Fed minutes

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.6% to close above $1,324 before nearly doubling those gains after hours, rising as high as $1,331 in electronic trade following the release of dovish minutes from the June FOMC meeting. Equities also gained on the expectation of continued easy money policies, with the Dow and S&P 500 recouping 0.5%.

As expected, the Fed said it plans to wind down the asset-buying program known as quantitative easing, by around October. However, the minutes also show that the central bank plans hold interest rates near zero for a "considerable time" after QE ends, with no timetable to for reducing its huge balance sheet. QE has boosted asset markets like equities and gold by flooding the economy with more than $4.3 trillion since 2008. Traders viewed the minutes as underscoring the Fed's comfort with maintaining accommodative monetary policies that run the risk of long-term inflation.

The other precious metals were mostly higher. Silver closed up 0.3% and then tripled that gain after hours. Platinum finished 0.7% higher while palladium slipped less than 0.1%.

At the Comex close: August gold gained $7.80 to $1,324.30; September silver added nearly 6 cents to $21.07; October rose $10.40 to $1,506.90; and September palladium slipped 20 cents to $872.70 an ounce.




July 8: Safe-haven gold adds 0.2% after hours

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold finished virtually flat, edging down 50 cents, before rising nearly 0.2% after hours as tumbling equities and rising violence in the Middle East increased safe-haven demand. Concerns about uneven global growth knocked stock markets into retreat for a second day, with the Nasdaq falling 1.3% while the Dow and S&P 500 dropped nearly 0.7%.

Hedge funds and money managers increased bullish bets on gold by 20% last week, raising net-long positions for the fourth straight week behind rising geopolitical tensions, inflation risk, and concerns that stocks have risen too far, too fast. Assets in bullion-backed ETF rose by more than 12 tons last week, according to Bloomberg, the most in 22 months.

Israel stepped up bombardments of the Gaza strip today in retribution for Palestinian rocket attacks, killing at least 16 people and stoking worries about possible disruption in oil supplies if the violence spreads.

U.S. Treasury prices rose alongside gold on safe-haven bids while the dollar fell back against most major rivals. A falling dollar tends to support higher prices for gold and other commodities denominated in the buck internationally. Like gold, silver closed virtually flat before edging up after hours. Platinum and palladium added 0.1% and 0.5%, respectively.

At the Comex close: August gold dipped 50 cents to $1,316.50; September silver virtually unchanged at $21.01; October platinum picked up 90 cents, to $1,496.50; and September palladium gained $3.95 to $872.90 an ounce.




July 7: Gold slips 0.3% on rate speculation

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.3% to close at a one-week low of $1,317 as last week's jobs data boosted the dollar and raised speculation the Fed may move up its timetable for increasing interest rates, curtailing demand for alternative stores of value.

The U.S. non-farm payrolls report released last Thursday showed 288,000 jobs were added to the U.S. economy in June, exceeding forecasts and lowering the unemployment rate to 6.1%. With monetary policy avowedly dedicated to improvements the labor markets, traders are speculating that the strong data may encourage the FOMC to lift rates from near zero a little earlier than expected, despite Fed Chair Janet Yellen's recent assurances that rates would likely remain unchanged until mid-2015.

U.S. equities pulled back on the rate speculation while the dollar edged up against most major rivals. A stronger dollar typically weighs on gold and other commodities denominated in the currency for international trade by making them more expensive to foreign traders.

The other precious metals were mixed. Silver and platinum dropped 0.6% and 0.8% while palladium added 0.8%.

At the Comex close: August gold slipped $3.60 to $1,317; September silver fell 12 cents to $21.01; October platinum dropped $12.10 to $1,495.60; and September palladium added $7.05, to $868.95 an ounce.




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