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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.


January 23: Gold gains 0.9% on safe-haven inflows

Source: Bill Musgrave, American Gold Exchange

Austin -- Extending last week's rise, gold gained another 0.9% to close near $1,216 on safe-haven demand as the dollar, stocks, and Treasury yields all retreated on uncertainty about Donald Trump's policies.

The dollar fell 0.4% to a six-week low after Trump's inaugural address on Friday gave little indication of how he plans to enact campaign promises to boost economic growth to 4%. Traders were also concerned that his "America First" policy may result in trade wars and protectionism that could undermine the fragile global recovery and diminish U.S. growth by undercutting exports.

The S&P 500 fell 0.3%, bouncing off intraday lows that put it on track for its worst day of the year as investors preferred safety to risk. Treasury yields fell to two-week low. Hedge funds and other speculators increased their bullish bets on gold, raising long positions on Comex contracts for the second week.

The other precious metals were mostly higher, with silver and platinum adding 0.9% and 0.4%, respectively. Palladium fell 2.1% after rising 5% on Friday behind forecasts for strong global auto sales in 2017.

At the Comex close: February gold gained $10.70 to $1,215.60; March silver picked up 15 cents to $17.19; April platinum added $3.90, to $979.90 March palladium slid $16.90 to $771.50 an ounce.




January 20: Gold rises for fourth straight week

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.3% to close near $1,205 on safe-haven inflows as the dollar retreated and Donald Trump was sworn in as the 45th President of the United States. The metal ended the week 0.7% higher to mark its fourth straight weekly win.

The dollar dropped 0.3% against major rivals after Janet Yellen said in a speech late yesterday that the Fed should "raise interest rates slowly or risk harm to the recovery." The dovish statement helped to offset hawkish comments from the Fed Chair a few days before, when she said the Fed may raise rates "a few times a year" through 2019.

Rising rates tend to boost the dollar by attracting foreign exchange investment in search of higher yield. A stronger dollar, in turn, can weigh on gold and other commodities denominated in it for international trade by making them more expensive overseas.

Trump's inauguration spurred some flights to safety as traders hedged against the uncertainty of his polices. Campaign promises to boost government spending while slashing taxes would likely boost growth and stoke inflation. But his protectionist rhetoric, reinforced today by an "America First" theme in his inauguration speech, could destabilize trade relations and damage exports.

The other precious metals were higher for the day and mixed for the week. Silver picked up 0.2% for a weekly win of 1.6%. Platinum rose 2.1% but still lost 1.1% on the week. Palladium jumped 5% today to gain 5.2% this week.

At the Comex close: February gold gained $3.40 to $1,204.90; March silver picked up 3 cents to $17.03; April platinum rose $19.60 to $976; and March jumped $37.25 to $788.40 an ounce.




January 19: Gold falls 0.9% on profit-taking, data

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold fell 0.9% but held above $1,200 as traders continued to take profits from its strong start to 2017. Upbeat U.S. data and hawkish comments from Janet Yellen about monetary policy also pressured the metal, which remains up 5% this year.

Manufacturing in the Philadelphia Fed region jumped unexpectedly in January, rising at the fastest pace in two months behind escalating orders and shipments. The improvement contrasted with the New York Fed region, which fell during the same period, lending optimism about the lagging sector in the first quarter.

First-time claims for unemployment benefits fell to the lowest level since 1973 last weak, signaling a tighter labor market.

Late yesterday, Fed Chair Janet Yellen said the FOMC is nearing its goals on full employment and faster inflation, and that interest rates may rise "a few times a year" until the end of 2019. Higher rates typically boost the dollar by attracting foreign exchange investment in search of higher yields.

The dollar rose early in today's session on Yellen's comments and because the ECB held interest rates unchanged. But the buck then fell into a 0.2% loss worries continued that Donald Trump, after declaring the dollar "too strong" last Friday, will work to devalue the currency in support of U.S. exports.

The other precious metals were mostly lower, with silver and platinum dropping 1.6% each while palladium ticked up less than 0.1%.

At the Comex close: February gold fell $10.60 to $1,201.50; March silver lost 27 cents cents, or 1.6%, to $17; April platinum dropped $15.50 to $956.40; and March palladium added 15 cents, to $751.15 an ounce.




January 18: Gold dips 0.1% on dollar, CPI

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.1%, holding above $1,212, as the dollar strengthened and traders took profits from Tuesday's 1.4% surge. The metal remains up around 6% so far in 2017.

The dollar recouped 0.6% as bargain-hunters swept in after yesterday's Trump-inspired sell-off. The buck was supported by CPI data showing that consumer inflation rose last year at the fastest clip in five years.

The Fed's Beige Book of anecdotal reports on the economy also helped the dollar by signaling stronger manufacturing in many of the Fed regions.

Interviewed by the Wall Street Journal on Friday, the President-elect startled currency markets by proclaiming that the dollar is "too strong," and its strength is harming U.S. competitiveness in exports. Traders took the statement to suggest his administration may abandon the so-called "strong dollar policy" that has dominated trade policy since the 1990s.

The dollar tumbled 1.2% yesterday as Trump's comments hit the markets when they reopened after the Martin Luther King, Jr. holiday, propelling gold to an eight-month high. A weaker dollar supports gold and other commodities denominated in it for international trade by making them less expensive to uses of other currencies.

The other precious metals were mixed, with silver gaining 0.7% while platinum and palladium fell 1.1% and 0.3%, respectively.

At the Comex close: February gold dipped 80 cents to $1,212.10; March silver gained 13 cents to $17.27; April platinum dropped$11.20 to $971.90; and March palladium slipped $2 to $751 an ounce.




January 17: Gold soars 1.4% to 2-month high

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold soared 1.4% to close at two-month near $1,213 as the dollar plunged in response to comments by Donald Trump, boosting demand for alternative stores of value.

President-elect Trump said explicitly that the dollar has become "too strong," especially in relation to the yuan, and is undercutting U.S. exports. "Our companies can't compete," Trump told the Wall Street Journal, "and it's killing us."

The dollar fell 1.2% against major rivals as traders speculated that the new President may pursue a weaker dollar. Gold and other commodities are typically boosted by a weaker dollar because they become less expensive to users of other currencies.

A sharp rise in the UK pound also pressured the buck after PM Theresa May said she would put the terms of Brexit to a Parliamentary vote. Unease over Brexit has rattled stock and currency markets in recent sessions, contributing to safe-haven demand for gold.

After rallying 4% to a 14-year high in the wake of the election, the buck has now surrendered half those gains in the past two weeks. Gold has gained around 5.5% so far in 2017, handily outperforming the Dow and S&P 500, which have risen just 0.4% and 1.4%, respectively.

The other precious metals were mostly higher, with silver and palladium adding 2.3% and 0.5%, respectively, while platinum slipped 0.3%.

At the Comex close: February gold soared $16.70 to $1,212.90; March silver jumped 38 cents to $17.15; April platinum slipped $3.30 to $983.10; and March palladium picked up $3.85, to $753 an ounce.




January 16: Gold gains in electronic trade

Source: Bill Musgrave, American Gold Exchange

Austin -- With US financial markets closed for the Martin Luther King, Jr. holiday, gold reached $1,209 in electronic trade before settling back to $1,203 for a rise of 0.6%.

The gains were largely driven by flights to safety as traders prepare for Tuesday's speech from British PM Theresa May on Brexit. May is expected to outline a so-called "hard Brexit" emphasizing Britain's departure from the common market to control immigration. The pound fell more than 1% as traders shifted into the yen and other safe havens after media reports over the weekend on the likely content of May's speech.

Controversial statements about U.S. relations with China, NATO, and Russia by Donald Trump also added to bullish sentiment for gold. On Saturday, Trump further inflamed tensions with China by saying he will not be bound by the One China policy, a longstanding agreement not to recognize Taiwan, which China considers part of its sovereignty.

Today, the President-elect called NATO obsolete, and said the European Union is likely to lose more members soon because of polices allowing for the immigration of refugees. He also signaled openness to lifting the sanctions imposed by the Obama administration against Russia for tampering with the US presidential election, further alarming NATO members.

Trump's mercurial positions are widely seen as upsetting the status quo and adding to market anxiety. The US, China, and the EU have the three largest economies in the world. Any substantial realignment of political and trade relations among them can create economic uncertainty that reduces appetite for risk among investors. Hedge funds turned more bullish on gold last week, adding to long positions for the first time in more than two months.

The other precious metals were mixed in electronic trade. Silver added around 0.4% to $16.83. Platinum edged up slightly to $986.20. Palladium fell around 0.5% to $745.75 an ounce.




January 13: Gold slips, gains 1.9% this week

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.3% but held above $1,196 as oil fell and traders took profits from a four-day rally that propelled the metal to a seven-week high. After rising as high as $1,202 mid-session, gold closed the week 1.9% higher for a 3.9% gain so far this month.

Oil fell 0.8% to end the week 3% lower after China's exports fell by the most since 2009, raising concerns about global demand in 2017. The world's second largest economy, China imported a record-high 8.6 million barrels in December.

Continued weakness in exports is likely to weigh on Chinese consumption, damaging an otherwise bullish outlook for oil following OPEC's agreement in November to cut production for the first time since 2008. Gold often trades in sympathy with oil as a hedge against energy-inflation.

The dollar fell again, dropping another 0.2%, to finish its worst week in two months with a 1% loss.

In December, the buck pushed to a 14-year high on speculation that President-elect Trump's campaign promises of huge infrastructure spending with massive tax cuts would boost growth and inflation. With policies details in short supply, the dollar has now falling for three straight weeks as the initial euphoria wears off. A falling dollar supports gold and other commodities by making them less expensive overseas.

U.S. retail sales rose 0.6% in December behind strong demand for autos and furniture, signaling decent momentum to close the fourth quarter. Wholesale inflation rose 0.3% to lift the year-on-year rise to 1.6%, the most since September 2014.

The World Gold Council published its Major Gold Trends in 2017. Building on the strong performance in 2016, gold is expected to benefit from six major global trends this year: heightening geopolitical risk; currency depreciation; rising inflation expectations; overvalued stock markets; long-term Asian growth; and the opening of new markets.

The other precious metals were mixed ont eh day and week. Silver dropped 0.4% but closed the week 1.5% higher. Platinum added 0.2% today and 1.6% this week. Palladium lost 2.1% today but gained 1.2% this week.

At the Comex close: February slipped $3.60 to $1,196.20; March silver dropped 6 cents to $16.77; April platinum picked up $1.70, $986.40; and March palladium lost $16.10 to $749.15 an ounce.




January 12: Gold climbs as dollar, stocks retreat

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold climbed another 0.3% to close just under $1,200 as the dollar and stocks continued to retreat, boosting demand for alternative assets. The metal is up more than 4% so far in 2017, having gained in every trading session but one, and around 7% since mid-December.

The dollar extended yesterday's decline, dropping 0.7% to a five-month low on growing uncertainty about Donald Trump's economic policies. Yesterday's press conference, his first since July, contained no details on how he plans to meet his campaign promises to vastly increase government spending on infrastructure while slashing taxes.

On track for its worst week since early November, the dollar is down 1.6% this year as the post-election euphoria and speculation wane. A falling dollar supports gold and other commodities denominated in it for international trade by making them less expensive to users of other currencies.

U.S. equity markets also fell further, with the Dow and S&P 500 losing around 0.3%. Treasury yields fell to the lowest level since late November, with prices rising as traders shifted to safe havens.

The other precious metals were mixed, with silver barely edging lower while platinum and palladium gained 0.9% and 1.5%, respectively.

At the Comex close: February gold climbed $3.20 to $1,199.80; March silver dipped less than a penny to $16.825; April platinum rose $8.30 to to $984.70; and March palladium for added $11.35, to $765.25 an ounce.




January 11: Gold rallies to 7-week high

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.9% to close at a seven-week high near $1,197 as Donald Trump's first press conference since last July pressured the dollar and spurred demand for safe havens.

Trump remained vague on details about his fiscal and economic policies, adding to uncertainty in financial markets about how he will follow through on campaign promises to cut taxes and regulations while vastly increasing government spending on infrastructure.

In addition, the president-elect had to spend time on controversial topics that did little to calm markets. While admitting for the first time that Russia hacked the DNC to tamper with the election, he denied allegations that it has compromising material about him that might influence his decision-making. Pressed on conflicts of interest, he defended his decision to hand over control of this business empire to his sons rather than place it in a blind trust.

In the weeks following the election, stock markets rallied to record highs and the dollar pushed to its highest level in 14 years on speculation that Trump's polices will spur growth and inflation. Both rallies have since stalled as the initial euphoria settled and details have been in short supply.

The dollar fell as much as 0.5% after Trump's comments, while U.S. Treasury bond rallied across the board on flights to safety. A weaker dollar supports gold by making it less expensive overseas.

Also helping gold, oil prices jumped 3.3%, the most in a month, on the falling dollar and news that Saudi Arabia cut exports to Asia. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals finished lower, with sliver slipping 0.1% while platinum and palladium dropped 0.7% and 1.5%, respectively.

At the Comex close: February gold gained $11.10 to $1,196.60; March silver dipped 2 cents to $16.83; April platinum dropped $6.40 to $976.40; and March palladium lost $11.35 to $753.90 an ounce.




January 10: Gold edges higher in choppy trade

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold edged 0.1% higher in choppy trade to close at $1,185.50, a fresh six-week high, as the dollar swung from mild losses to shallow gains ahead of tomorrow's first press conference from Donald Trump. The metal reached as high as $1,190 in intraday before sliding back.

Stocks and the dollar have rallied steadily since November, with the Dow setting records while the buck hit a 14-year high, on speculation Trump's campaign promises to boost infrastructure spending while slashing taxes and regulations will accelerate both growth and inflation. In his first post-election press, the President-elect is expected to provide some clarity on how—or whether—he plans to make good on those promises.

Speculators are cutting their bullish bets on the dollar, signaling that the Trump-fuel rally may have peaked. Analyst cite three reasons for a lower buck in coming months. Economic conditions in the Eurozone are perking up, which should lead to a stronger euro. China strengthened the yuan by 1% last week, drawing more capital investment in Asia. And Trump's plan to rescue U.S. manufacturing will be harmed by a stronger dollar by making U.S. exports less price-competitive.

Conflicting signals from prominent Fed members also caused the dollar and gold to waffle. Boston Fed President Eric Rosengren said yesterday that conditions likely to warrant "a gradual but somewhat more regular" rise in interest rates this year. Dennis Lockhart of the Atlanta Fed was more measured, warning that growth beyond 2% is unlikely next year, and investors who expect "a breakout to markedly higher growth" are likely to be disappointed.

The other precious metals also finished higher, with silver and palladium gaining 1% and 1.1%, respectively, while platinum added less than 0.1%.

At the Comex close: February gold rose 60 cents to $1,185.50; March silver gained 17 cents to $16.85; April platinum added 20 cents, to $982.80; and March palladium climbed $8.10 to $765.25 an ounce.




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