Click to verify BBB accreditation and to see a BBB report.
BBB A+ rating

Have questions?
1-800-613-9323
Call us toll free.

 
Shopping Cart (0)
Cart Total: $0.00
shopping cart

Daily Gold Update
Current precious metals news

Printer Friendly Version

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


March 22: Gold gains for fifth session on dollar weakness

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained for the fifth straight session, adding 0.3% to close just under $1,250, as uncertainty about the passage of the new U.S. health care law weighed on equities and the dollar, boosting demand for safe havens. The metal has now risen around $50 in the past week.

An increasingly restive element in the Republican Party, the conservative Freedom Caucus, has blocked progress on the controversial health care bill supported by President Trump and Paul Ryan. While Democrats say it leaves millions uninsured, some House Republicans believe the Obamacare rollback will deepen deficits by providing too many subsidies for health insurance.

Wall Street was choppy as investors began to question whether the difficulty in replacing Obamacare means Trump will be unable to deliver on his pro-growth policies in a timely fashion. Since his election, U.S. equities have risen to record highs on optimism about his promises to slash taxes and spend $1 trillion on rebuilding infrastructure. The Dow pulled back slightly while the Global Dow fell 0.4%.

The dollar fell for a seventh session to a four-month low, supporting gold and other commodities priced in it for international trade. Yields on U.S. Treasurys fell to a three-week low on the market uncertainty as traders shifted from risk assets to safe havens.

The other precious metals were mixed, with silver finishing nearly flat and platinum falling 1% while palladium added 0.2%.

At the Comex close: April gold gained $3.20 to $1,249.70; May silver was virtually flat at $17.58; April platinum dropped $9.50 to $961.90; and June palladium picked up $1.80, to $789.45 an ounce.




March 21: Gold jumps 1% to three-week high

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold jumped 1% to close at a three-week high above $1,246, as the dollar fell to a six-week low and equities tumbled, boosting demand for alternative stores of value. It was the metal's fourth straight winning session.

The euro rallied strongly against the dollar after centrist candidate Emmanuel Macron did better than expected in France's first televised presidential debate. His success is seen as blunting the momentum of far-right candidate Marine Le Pen, who has called for France to exit the euro.

The US dollar Index, which measures the buck against a basket of major rivals, fell 0.6% to give up almost all its gains since the U.S. presidential election in November. A falling dollar supports gold and other commodities prices in it for international trade by making them less expensive overseas.

Gold was further supported by safe-haven inflows as the Dow and S&P 500 both lost 1% on fears that Trump's promised tax cuts might not arrive as quickly as hoped, given the legislative slowdown associated with the repeal and replacement of the ACA.

After President Trump's election, the dollar and equities both soared on expectations that his promised tax cuts and $1 trillion stimulus package to rebuild infrastructure would stoke both growth and inflation. With that spending plan now on indefinite hold, tax cuts uncertain, real GDP growth at just 0.9% in Q1, and the Fed's dovish signal last week that future rate hikes will remain slow and moderate, the buck has lost much of its post-election support. After a series of record closes, stocks, too, are showing signs of weakness.

The other precious metals were mostly higher, with silver and palladium adding 0.8% each while platinum dipped 0.1%.

At the Comex close: April gold jumped $12.50 to $1,246.50; May silver rose 14 cents to $17.58; April platinum slipped $1 to $971.40; and June palladium added $6, to $787.65 an ounce.




March 20: Gold extends rally by 0.3%

Source: Bill Musgrave, American Gold Exchange

Austin -- Extending last week's 2.4% rally, gold added 0.3% to close at $1,234 on momentum from the Fed's dovish rate hike and Britain's movement toward Brexit.

The dollar traded nearly flat, edging up 0.1% against a basket of major rivals while losing ground to the euro after UK Prime Minister Theresa May said she will begin the process of leaving the European Union on March 29. The pound plunged on the report and while the euro edged up as foreign exchange traders sought safety.

Last week gold rallied after the Fed raised interest rates by a quarter-point, as expected, but also included some surprisingly dovish language and forecasts. The dollar promptly dropped to a six-week low, supporting gold and other commodities denominated in it for international trade by making them less expensive in other currencies.

Gold also received safe-haven support after Treasury Secretary Steven Munchin succeeded in striking language against protectionism from the policy statement issued by the Group of 20 industrialized and developing nations at its meeting over the weekend. Reversing a decade-old policy, the shift was seen, potentially, as the first step toward a trade war that may boost inflation by undercutting cheap imports.

The other precious metals were also giver, with silver adding 0.1% while platinum and palladium picked up 1% and 0.8%, respectively.

At the Comex close: April gold gained $3.80 to $1,234; May silver for delivery inched up 0.1% to $17.44; April platinum climbed $9.40 to $972.40; and June palladium rose $5.15 to $781.65 an ounce.




March 17: Gold rises again for 2.4% weekly gain

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold added 0.2% to close near $1,230 on momentum from this week's dovish rate hike from the Fed. The metal finished the week 2.4% higher for its first weekly win since the end of February.

The U.S. central bank voted to raise rates by a quarter-point this week, as expected, but accompanied the hike with signals that future hikes will still be slow to come. The so-called dot-plot, which charts prospective changes in monetary policy, remained unchanged at three hikes per year through 2019. Traders were expecting a more aggressive schedule of tightening given the hawkish jawboning by prominent Fed members in recent weeks.

The dollar touched a five-week low today as traders unwound long bets because of the Fed's dovish tone. A weaker dollar supports gold and other commodities denominated in it for international trade by making them less expensive overseas.

The outlook for rising global inflation also supported gold this week as China joined the U.S. in raising rates and both the UK and EU hinted at tightening monetary policy to head off higher prices.

The other precious metals were higher for the day and week. Silver picked up 0.1% for a weekly rise of 2.6%. Platinum added 0.5% on the day and 2/7% on the week. Palladium jumped 1.3% today and 4.3% this week.

At the Comex close: April gold gained $2.60 to $1,229.70; May silver added almost 3 cents, to $17.36; April platinum rose $5 to $963.40; and June palladium jumped $10.15 to $776.80 an ounce.




March 16: Gold surges 2.2% to 2-week high

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold surged 2.2% to close at a two-week high above $1,227 as the dollar weakened after the Fed's dovish rate hike. It was the metal's biggest one-day rise since last June, when the UK voted for Brexit.

At the close of its two-day policy meeting yesterday, the FOMC announced a quarter-point rate increase. The move was universally expected but the cautionary posture that accompanied the decision was unexpected. The Fed's dot-plot, or forecast for future rate hikes, was unchanged at three per year through 2019, and tweaks to the post-meeting statement signaled disinclination to accelerate the process.

The dollar immediately dropped 1% on the Fed decision and extended its losses today as traders betting on a more hawkish tone were forced to unwind long positions. A falling dollar boosts gold and other commodities priced in it for international trade by making them less expensive to users of other currencies.

Further supporting sentiment for gold, the Atlanta Fed held its real GDP forecast for the first quarter at a meager 0.9%.

The other precious also rallied strongly, with silver gaining 2.4% while platinum and palladium rose 2.3% and 2.8%, respectively.

At the Comex close: April gold surged $26.40 to $1,227.10; May silver gained 41 cents at $17.33; April platinum rose $21.60 to $958.40; and June palladium climbed $21.20 to $766.65 an ounce.




March 15: Gold slips before, rallies after Fed decision

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.2% in the regular trading session, holding just over $1,200 ahead of the Fed's rate decision. The metal then rallied more than 1%, reaching $1,220 in electronic trade, after the Fed sent dovish signals while raising interest rates.

As expected, the FOMC raised interest rates by a quarter-point at the two-day meeting that ended this afternoon. Recent comments from prominent Fed officials had removed almost all suspense, and the markets had pretty much priced-in the second hike in three months before the fact.

However, the post-meeting policy statement signaled that the pace of future hikes will remain slow and moderate, which surprised many traders expecting an accelerated schedule of rate increases. The Fed's so-called dot plot, a table of future projections, indicates a broad consensus to hold the number of rate hikes at three per year for 2017, 2018, and 2019.

The dollar fell abruptly on the Fed's dovish posture, plunging more than 1% as traders reassessed their long positions. A falling dollar strengthens gold and other commodities denominated in it for international trade by making them less expensive overseas.

Equities jumped on the Fed decision and Treasury yields fell.

The markets took little notice of some soft U.S. data. The Consumer Price Index rose by 0.1% last month, the smallest amount since last summer. And U.S. retail sales were weak in February, rising a scant 0.1%.

The other precious metals were mixed before the Fed and strongly higher afterward. Silver closed the session flat before jumping nearly 1.9% to $17.25 after hours. Platinum slipped 0.2% and then bounced into gains of 1.8%. Palladium gained 0.5% during regular trade and then added another 2% after hours.

At the Comex close: April gold dipped $1.90 to $1,200.70; May silver was flat at $16; April platinum dropped $2.10 to $936.80; and June palladium added $3.75 to $745.45 an ounce.




March 14: Gold near-flat ahead of Fed

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold held nearly flat, inching down 50 cents to close under $1,203, as pressure from a sharp rise in the dollar was offset by demand for safe havens before tomorrow's Fed decision and elections in Holland.

The Federal Reserve's two-day meeting on monetary policy commenced today with the nearly universal expectation that the central bank will raise interest rates by a quarter-point. Despite real GDP growth of just 1.2% in the first quarter, robust inflation and employment data have prompted a series of prominent Fed member to signal a rate hike is coming at this meeting. CME Fedwatch places the odds at 93%, based on trading in Fed fund futures.

The dollar extended its gains ahead of the meeting, adding 0.4% against major rivals. The UK pound dropped to its lowest level against the buck since January as the path was cleared by lawmakers to begin the formal process of leaving the European Union.

Rising interest rates typically support the dollar by attracting foreign exchange investment seeking higher yields, in turn pressuring gold and other commodities denominated in dollars for international trade by making them more expensive for users of other currencies.

This pressure was offset for the second straight day by safe-haven inflows as investors brace for tomorrow's general election in the Netherlands. If the far-right Party for Freedom makes a strong showing, it could augur well for success by the anti-EU candidates in France's elections in April and May, which could put the union and euro at risk.

The other precious metals also declined, with silver falling 0.3% while platinum and palladium dropped 0.2% and 1.7%, respectively.

At the Comex close: April gold inched down 50 cents to $1,202.60; May silver dropped 5 cents to $16.92; April platinum dipped $2.30 to $938.90; and June palladium lost $12.75 to $741.70 an ounce.




March 13: Gold edges higher on haven demand

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold edged 0.1% higher to close above $1,203 despite a slightly higher dollar as traders consolidated positions ahead of this week's meeting of the FOMC and Parliamentary elections in the Netherlands. It was the metal's first winning session in the past ten.

Bargaining hunting and safe-haven demand kicked in after last week's 2% decline, with investors turning to gold as a hedge the possibility of an anti-euro outcome to the Dutch elections. Geert Wilders of the far-right Party for Freedom has promised to lead Holland out of the European Union, something that could severely weaken the bloc and undermine its currency.

The dollar inched higher, picking up 0.1% against major rivals, as strength against the euro was nearly offset by weakens against the pound. The UK currency jumped as bill to trigger Brexit moved into the House of Lords for debate, apparently prompting traders to unwind bets on an immediate departure from the EU.

Dollar strength was underpinned, however, by the near-certainty that the Fed will raise interest rates by a quarter point when it meets this week on monetary policy. CME Fedwatch puts the odds above 90%, reinforced by last Friday's solid nonfarm payrolls report showing 235,000 jobs added in February.

The other precious metals also gained, with silver and platinum rising 0.3% while palladium climbed 1.3%.

At the Comex close: April gold gained $1.70 to $1,203.10; May silver added 5 cents, to $16.97; April platinum picked up $3 to $941.20; and June palladium rose $9.30 to $754.45 an ounce.




March 10: Gold dips 0.2% on strong jobs data

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.2% to close at a six-week low above $1,201 as strong payrolls data reinforced the likelihood of a rate hike from the Fed when it meets next week. The metal finished the week 2% lower but held above the psychologically-important $1,200 mark.

U.S. nonfarm payrolls added 235,000 workers last month, beating forecasts, as the construction sector enjoyed its biggest job-boom in nearly 10 years. Wages advanced by a disappointing 0.2%. Job growth has now averaged more than 186,000 per month for the past seven years.

A strong NFP report for February is widely seen as the final box to be checked by the Fed before they sign-off on the year's first rate increase. CME Fedwatch has upped the odds of a quarter-point hike to 92% from 89% yesterday. Higher rates typically weigh on gold by boosting the dollar, which makes it more expensive for users of other currencies.

Despite the hawkish rate outlook, the dollar slipped as the euro rallied on news that the ECB discussed the possibility of increasing interest rates in the Eurozone.

The other precious metals were mixed on the day and lower for the week. Silver fell 0.7% for a weekly loss of 4.6%. Platinum edged up 0.1% but still lost 5.6% this week. Palladium slid 0.4% for the day and 2.9% for the week.

At the Comex close: April gold for slipped $1.80 to $1,201.40; May silver dropped 11 cents to $16.92; April platinum added $1, to $938.20; and June palladium slid $2.90 to $745.15 an ounce.




March 9: Gold slips again on oil, rate view

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold extended its losing streak to eight sessions, slipping 0.5% to close near $1,203, as lower oil and higher expectations of a rate hike dulled appetite for alternative stores of value.

Oil fell another 2.2%, adding to yesterday's 5% plunge, as rising U.S. production undermined efforts by OPEC to reduce the global supply glut. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Gold prices came under pressure last week after several prominent Fed members including Fed chair Janet Yellen signaled that interest rates are likely to rise this month, given momentum in the economy. Upbeat data have also supported a March hike. Higher rates typically boost the dollar by attracting foreign exchange investment seeking higher yield, and a rising dollar weighs on gold by making it more expensive overseas.

In a development that is likely to support gold in the longer term, global inflation appears to be gathering momentum. U.S. import prices surged in February for the third straight month behind more expensive industrial and consumer goods. China's producer price inflation jumped 7.8% to a nine-year high because of much higher commodity prices. And the ECB said today that the threat of deflation has passed in the Eurozone.

The other precious metals were also lower, with silver dropping 1.5% while platinum and palladium fell 1.3% and 2.9%, respectively.

At the Comex close: April gold fell $6.20 to $1,203.20; May silver lost 26 cents to $17.04; April platinum dropped $12.30 to $937.20; and June palladium shed $22.35 to $748.05 an ounce.




March 8: Gold slides to 5-week low after ADP

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold slid another 0.6% to close at a five-week low under $1,210 as robust jobs data and tumbling oil prices pressured alternative assets.

ADP reported that private payrolls added 298,000 jobs in February, the most since April 2014 and far beyond most forecasts. Growth was led by well-paying fields including professional and business services, and construction. The strong report augurs well for the more-authoritative nonfarm payrolls report due on Friday.

The dollar extended its gains on the jobs data, rising 0.3% against major rivals, as traders concluded that the Fed will almost certainly raise interest rates when it meets mid-month. Rising rates boost the buck by attracting foreign exchange investment in search of higher yields, in turn pressuring gold and other commodities priced in dollars for international trade.

Gold was also pressured by a 5% plunge in oil prices after reports that U.S. crude production reached a one-year high last week. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals also fell, with silver losing 1.4% while platinum and palladium dropped 1.2% and 0.6%, respectively.

At the Comex close: April gold slid $6.70 to $1,209.40; May lost 24 cents to $17.30; April platinum dropped $11.60 to $949.50; and June palladium shed $4.60 to $770.40 an ounce.




To view Daily Gold Update Archives, click here.