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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 30: Gold dips on GDP, jobs data

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.3% to close just under $1,295 as GDP rose more than expected in the second quarter and private payrolls added more than 200,000 jobs this month. The metal then recouped almost all of those losses in after-hours trade, bouncing back to $1,298 when the FOMC's policy statement signaled no hurry to raise interest rates.

After an abysmal first quarter, in which it lost more than 2%, the economy accelerated by 4% in the second quarter, according to data released today by the Commerce Department, for its fastest growth since last fall. The unexpected jump supports the idea that first-quarter weakness was an anomaly due to harsh weather.

Of growing concern is the role of shaky credit in the expansion. Surging sales of cars and trucks accounted for nearly 4% of all consumer spending this quarter, and many of these purchases were made through unregulated subprime loans, which have grown by 130% over the past five years in the auto sector. Furthermore, one-third of all U.S. adults are more than 180 days overdue on debt payments, according to a report released today by the non-profit Urban Institute.

Gold received some support from the statement released by the Fed after this week's meeting. While admitting that the economy is showing signs of improvement, the central bankers emphasized the "significant underutilization of labor resources." Traders took this dovish statement to mean rates will remain near zero until well into next year. The dollar shed some gains against major rivals following the Fed statement.

The other precious metals were mixed on the day. Silver edged up by a cent and palladium gained 0.2% while platinum fell back 0.2%.

At the Comex close: August gold dipped $3.40 to $1,294.90; September silver added a cent to $20.60; October platinum slid $2.60 to $1,481.90; and September palladium gained $1.85 to $880.15 an ounce.




July 29: Gold slips, bounces on mixed data

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.4% to close under $1,300 on a stronger dollar before jumping back up to $1,302 in electronic trade after hours.

The dollar gained against most major rivals following data showing consumer confidence in the U.S rising to a seven-year high in July. The optimism was fueled by an improving jobs market, lower gasoline prices, and rising equity markets. A rising dollar tends to weigh on the price of gold and other commodities denominated in the currency for international trade by making them more expensive for foreign buyers.

The yellow metal quickly bounced back after hours on safe-haven support from falling U.S. home prices and the announcement of much steeper sanctions against Russia by the EU in response to Putin's refusal to stem the tide of weaponry flowing across the border into the Ukraine. In addition, the IMF warned today that rising interest rates may shave 2% off global growth in the next five years.

The other precious metals were mixed. Silver edged up 0.1% while platinum and palladium slid 0.4% and 0.3%, respectively.

At the Comex close: August gold dropped $5 to $1,298.30; September silver added 2 cents, to $20.58; October platinum slid $6.10 to $1,484.50; and September palladium lost $2.45 to $878.30 an ounce.




July 28: Gold flat ahead of FOMC meeting

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold finished unchanged, holding all of Friday's 1% rally to remain above $1,303 as marginally stronger U.S. equities were offset by weak housing data and deepening worries about the Ukraine. Traders stayed largely on the sidelines ahead of tomorrow's meeting of the FOMC, hoping for clearer guidance on future interest rate increases.

The U.S. claimed to have proof that missiles fired last week at Ukrainian military aircraft came from within Russia, stoking tensions over Putin's role in the conflict and providing gold with safe-haven bids. Sales of existing homes fell more than expected in June, adding to worries that the crucial U.S. housing sector is losing steam. Hedge funds increased their bullish bets on the gold last week, largely as insurance against geopolitical turmoil in the Ukraine and Middle East.

Second-quarter GDP figures, due out this week, and Friday's non-farm payrolls report are expected to give further direction on when rates could rise. Substantially stronger growth in both arenas could nudge the Fed toward raising rates early next year, despite recent indications from Chair Janet Yellen that ongoing slack in the labor markets will require accommodative monetary policy for longer than many think. The IMF, too, asserted last week that U.S. rates should remain near zero for longer in order to support the fragile world recovery.

Like gold, the dollar finished virtually flat while U.S. equities inched up slightly, with the Dow adding 0.1% and the S&P 500 even less. The other precious metals were mixed. Silver slipped 0.3% while palladium finished virtually flat and platinum gained 0.7%.

At the Comex close: August gold was even at $1,303.30; September silver slipped 7 cents to $20.57; October platinum gained $11.60 to 1,492.00; and September palladium inched up 35 cents to 880.50 an ounce.




July 25: Gold rebounds 1% on flights to safety

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold rebounded 1% to regain $1,300, closing above $1,303, as escalating turmoil in the Ukraine and Gaza fueled demand for safe havens. Despite today's rally the metal slipped 0.5% for the week, posting its second straight weekly loss following its six-week winning streak.

Russia and Ukraine exchanged accusations and heated rhetoric over yesterday's shooting down of two Ukrainian jetfighters and last week's destruction of a Malaysian Airlines passenger plane. Israel and Hamas engaged in the bloodiest day of fighting in Gaza since the crisis began more than two weeks ago.

This rising geopolitical uncertainty combined with shaky corporate earnings and a mixed U.S. durable goods report to stoke risk-off sentiment, driving U.S. and global equities lower. The Dow lost more than 0.7%, closing below 17,000 to cap its worst week in a month and a half. U.S. Treasury bonds gained alongside gold in flights to safety, rising for the third straight week.

The other precious metals tracked gold higher for the day and lower for the week. Silver recouped 1.7% today but fell 0.5% this week. Platinum and palladium added 0.5% and 1%, respectively, but closed the week with respective losses of 0.6% and 0.2%.

At the Comex close: August gold gained $12.50 to $1,303.30; September silver jumped 36 cents to $20.78; October platinum picked up $6.70 to $1,480.40; and September palladium recouped $9.20 to $880.15 an ounce.




July 24: Gold falls 1.1% in technical sell-off

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold fell 1.1% to close just under $1,291 as upbeat manufacturing data in China and Europe boosted global equities and reduced safe-haven demand. Once prices fell below technical support at $1,300, automatic stop-loss selling carried the metal as low as $1,289 before bargain-hunting pulled it back above support at $1,290. After-hours trade furthered the rebound, stabilizing prices around $1,294.

Factory activity in China expanded at the fastest rate in 18 months in July, driven by deeper stimulus and rising domestic consumption of goods. Eurozone factories also showed unexpected strength after further ECB stimulus.

The PMI data suggests stronger GDP growth in the second half of the year for the world's second and third largest economies, and helped to rally equity indexes in Asia and Europe. However, the IMF lowered its forecast for global growth today because of weakness in China and the U.S., warning that rich nations are in danger of economic stagnation unless more steps are taken to create sustainable growth.

U.S. manufacturing also expanded but at a slower pace in July, with the PMI slipping more than a point from the prior month. New jobless claims improved, however, falling to and eight-year low and fueling speculation that the Fed will raise interest rates sooner than expected.

The dollar extended its gains, weighing on precious metals and other commodities denominated in the currency for international trade. Oil fell more than 1%. Silver tumbled 2.8%; platinum lost 0.9%; palladium slid 0.4%.

At the Comex close: August gold fell $13.90 to $1,290.80; September silver tumbled 58 cents to $20.42; October platinum lost $13 to $1,473.70; and September palladium slid $3.35 to $870.95 an ounce.




July 23: Gold near-flat on mixed signals

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold finished nearly flat, edging down less than 0.1% to just under $1,305, as a mild raise in equities and the U.S. dollar neutralized lingering safe-haven demand.

The S&P 500 hit a new record high above 1,989 in intraday trading, riding momentum from improving corporate earnings and yesterday's stronger housing data. The dollar gained against most major rivals, hitting a one-month high against the pound after the Bank of England held interest rates and quantitative easing at current levels. Consumer confidence in the Eurozone fell far more than expected, undermining faith in the fragile recovery.

Gold received some safe-haven support after two Ukrainian jetfighters were shot down, reigniting concerns about the stability of the region. In addition, the IMF downgraded its growth forecast for the U.S. from 2% to 1.7% this year, and asserted that persistent slack in the U.S. labor market is likely to retard growth for the next three to four years, requiring interest rates to remain near zero for longer than most investors anticipate.

The other precious metals finished near-flat or slightly lower, with silver and palladium down a hair while platinum and palladium slipped 0.1%.

At the Comex close: August gold edged down $1.60 to $1,304.70; September silver lost a cent to $21; October platinum dipped $1.60 to $1,486.70; and September palladium inched down 55 cents to $874.30 an ounce.




July 22: Gold slips as Ukraine tensions ease

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.5% to close just above $1,306 as upbeat U.S. housing data and easing tensions over the Ukraine crisis lifted risk appetite. Pro-Russian insurgents agreed to turn over black boxes from downed Malaysian Airlines jetliner, helping to diffuse international anger over the incident. Analysis of the recording devices should shed light on those responsible for the tragedy.

Sales of existing U.S. homes rose to an eight-month high in June, fueling optimism that economic growth will improve in the second half of the year. U.S. and global equities gained, with the S&P 500 picking up more than 0.5% to a new all-time high. Consumer prices ticked up in June, rising 0.3% overall while core prices, those excluding food and energy, increased by a scant 0.1%, the smallest amount in four months.

Despite slower inflation, the dollar rose against most rivals on softer safe-haven demand and speculation that the Fed is on course to raise interest rates early next year. A stronger dollar typically weighs on precious metals because they are denominating in the dollar for international trade and become more expensive for foreign buyers. Silver finished flat for the session while platinum and palladium slid 0.3% and 0.2%, respectively.

At the Comex close: August gold slipped $7.60 to $1,306.30; September silver finished virtually flat at $21; October platinum slid $5.10 to $1,488.30; and September palladium dipped $2.30 to $874.85 an ounce.




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.




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