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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.


April 18: Gold flat in London

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- With U.S. and many Asian markets closed for Good Friday, gold remained unchanged at just under $1,295 in London. Stronger U.S. economic data this week led to speculation that the Fed will continue phasing out of monetary stimulus this year as the recovery builds momentum. Quantitative easing, the central; bank's bond-buying program, has helped gold to rise more than 60% in the last five years by devaluing the dollar and increasing the risk of long-term inflation.

Safe-haven demand was further blunted today by a tentative agreement between Russia and Ukraine, helping to diffuse the prospects of military confrontation between the bordering nations.




April 17: Gold slides 0.7% on upbeat data

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold slid 0.7% to close just under $1,293 as upbeat U.S. economic data reduced safe-haven demand before the Good Friday market holiday. The Philadelphia Fed region reported expanding factory and business activity in the mid-Atlantic region; unemployment claims hovered near a pre-recession lows last week, suggesting momentum may be building in the labor market after a difficult first quarter. Gold finished the week down 1.9%.

U.S. equities and the dollar rose on the data, pressuring precious metals and other alternative assets. Silver dipped 0.2% for a weekly loss of 1.8%. Platinum slipped 0.6% to close the week 2.3% lower as the 13-week mining strike in South Africa headed toward settlement. Palladium bucked the trend by picking up 0.6% today and finishing virtually flat for the week.

At the Comex close: June gold fell $9.60 to $1,293.90; May silver slipped 4 cents to $19.60; July platinum lost $9.10 to $1,428.70; and June palladium edged $4.80 to $807.10 an ounce.




April 16: Gold adds 0.3% after Yellen comments

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold picked up 0.3% to close above $1,303 after dovish comments by Fed Chair Janet Yellen raised speculation that near-zero interest rates will continue for at least two more years.

Speaking in New York, Yellen cited current shortfalls in the economy and noted that the Fed's goals for employment and inflation are unlikely to be met before late 2016. She emphasized the FOMC's commitment "to maintain the appropriate degree of accommodation to support the recovery." Near-zero rates have boosted gold by flooding the economy with cheap liquidity. Last month, Yellen caused gold prices to fall by suggesting that rates could rise as early as next year.

Gold's gains came despitea stronger dollar and rallying equity markets, both of which were supported by better-than-forecast U.S. industrial production in March. AA rising dollar typically weighs on precious metals and other commodities denominated in dollars by making them more expensive to holders of other currencies. The Dow, S&P 500, and Global Dow all gained 1%. The other metals were mostly higher, with silver and palladium adding 0.7% and 0.8%, respectively, while palladium dropped 0.5%.

At the Comex close: June gold picked up $3.20, to $1,303.50; May silver added 14 cents, to $19.63; July platinum dropped $6.80 to $1,437.80; and June palladium climbed $6.40 to $802.30 an ounce.




April 15: Gold falls 2.1% on profit-taking, CPI

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- In its biggest one-day slide in nearly four months, gold fell 2.1% to finish just above $1,300. What began as pre-Easter profit-taking following yesterday's close at $1,327, a three-week high, rapidly accelerated into a technical sell-off after CPI data revealed a 0.2% uptick in consumer prices last month. Automatic stop-loss selling pushed prices as low as $1,284 before they rebounded on safe-haven demand because of mounting tensions in the Ukraine.

The dollar strengthened against most rivals, further pressuring gold and other commodities, behind speculation that rising inflation may encourage the Fed to accelerate the taper of quantitative easing. Tantamount to printing money, QE has supported higher gold prices by devaluing the dollar and increasing the risk of long-term inflation. The other precious metals followed gold lower, with silver plunging 2.6% while platinum dropped 1.6% and palladium lost 1.9%.

At the Comex close: June gold fell $27.20 to $1,300.30; May silver plunged 52 cents to $19.49; July platinum dropped $22.80 to $1,444.60; and June palladium lost $15.60 to $795.90 an ounce.

The World Gold Council reported today that China's gold demand is forecast to rise 25% over the next four years as the nation's population becomes wealthier. China overtook India this year as the world's leading gold consumer.




April 14: Gold at 3-week high on Russia tensions

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold added another 0.6% to close at three-week high above $1,327 after the growing conflict between the Ukraine and Russia spurred safe-haven demand. The metal has now gained in five of the last six sessions. Last month, it rallied to a six-month high near $1,390 when Russia annexed the Crimea.

Armed confrontation between Ukrainian forces and pro-Russian militants over the weekend resulted in casualties and bitter accusations against Moscow for fomenting unrest in order to expand its control over the region. In addition, Russian fighter jets repeatedly buzzed a U.S. destroyer in the Black Sea, further escalating tensions with the West. U.S. and E.U. leaders are considering tougher measures to contain Russian adventurism.

Gold rose on flights to safety despite a slightly higher dollar, which climbed on reports that U.S. retail sales jumped in March by the most in eighteen months. A stronger dollar ordinarily weighs on precious metals because they are denominated in the U.S. currency for international trade and become more expensive to holders of other currencies. Silver and platinum each gained 0.3%. Palladium climbed 0.6% to reach a 30-month high, aided by threat of deeper sanctions against Russia, a major producer.

At the Comex close: June gold added $8.50, to $1,327.50; May silver picked up 6 cents, to s $20.01; July platinum gained $4.80 to $1,467.40; and June palladium climbed $4.70, to $811.50 an ounce.




April 11: Gold dips, gains 1.1% for week

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold dipped slightly to close at $1,319 but finished the week with a gain of 1.1%, fueled by growing risk-aversion and a falling dollar. The Dow and S&P 500 dropped nearly 1%, with the latter closing at a two-month low as it extended its biggest two-day slide since June. Gold found safe-haven demand rising among investors who think equity markets are ripe for a deeper correction.

Geopolitical tensions also boosted gold this week as Russia fomented unrest in eastern Ukraine, adding to worries that it might attempt to annex more territory. The U.S. announced additional sanctions against Crimean officials and threatened new measures against Russia. Treasurys rallied alongside gold on increasing safe-haven demand, pushing yields on 30-year bonds to a nine-month low.

The dollar fell more than 1% this week against the yen and euro following the release of dovish Fed minutes showing the central bank to be more reticent about raising interest rates than previous believed. Data indicating an unexpected 0.5% jump in wholesale inflation last month buoyed the buck slightly today by potentially supporting the case for monetary tightening. A falling dollar supports higher prices for gold and other commodities denominated in dollars because they become less expensive to holder of other currencies.

The other precious metals were mixed today and mostly higher this week. Silver slid 0.7% to finish the week virtually unchanged, while platinum added 0.2% on the day and 0.8% on the week. Palladium was the big winner, picking up 1.8% today and 2% this week, driven by increase supply concerns because of new sanctions threatened against Russia, the world's leading producer.

At the Comex close: June gold dipped $1.50 to $1,319; May silver slid 14 cents to $19.95; July platinum added $2.50, to $1,462.60; and June palladium jumped $14.50 to $806.80 an ounce.




April 10: Gold jumps 1.1% on Fed rate view

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold jumped 1.1% to close above $1,320, approaching a three-week high, after yesterday's dovish FOMC minutes eased worries that the Fed may be quick to raise interest rates. The text of the Fed's March meeting showed the central bankers agreeing to abandon the idea that rates should rise when unemployment drops to 6.5%. The shift was born of concerns about possible market overreaction and headwinds in the economy. Near-zero rates have boosted demand for gold since 2008 by devaluing the dollar and increasing the risk of long-term inflation.

Gold was also supported by tumbling U.S. equities and a sliding U.S. dollar. The Nasdaq plunged more than 3% for its worst session since 2012 while the Dow lost 1.5% and the S&P 500 nearly 2%. Investors sought refuge in Treasury bonds and precious metals. Silver climbed 1.6% while platinum and palladium added 1.5% and 1.3%, respectively.

At the Comex close: June gold jumped $14.60 to $1,320.50; May silver climbed 32 cents to $20.09; July platinum added $21.20 to $1,460.10; and June palladium picked up $9.75 to $792.30 an ounce.




April 9: Gold dips, rallies after Fed minutes

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.2% to close just under $1,306 before jumping $7 in after-hours trading immediately following the release of minutes from the March FOMC meeting. The text revealed that Fed officials held a secret meeting via video in early March, during which they jettisoned their longstanding 6.5% unemployment threshold for raising interest rates. The central bankers outlined headwinds that may keep rates lower for longer, even after an initial hike, such as higher savings by U.S. and global consumers, credit restraints, and demographic shifts. Near-zero interest rates have supported higher gold prices by flooding the economy with cheap liquidity, devaluing the dollar, and increasing the risk of long-term inflation.

The dollar fell further against the euro and other major rivals, supporting higher gold, immediately following the Fed minutes while U.S. equity indexes rallied. The other precious metals were mixed during session before bouncing after hours. Silver close 1.4% lower, then recouped a third of those losses. Platinum dipped 0.2% before erasing that deficit, while palladium finished nearly 1% higher.

At the Comex close: June gold dipped $3.20 to $1,305.90; May silver lost 29 cents to $19.77; July platinum slipped $2.80 to $1,438.90; and June palladium picked up $6.70 to $782.55 an ounce.




April 8: Gold gains on dollar, Ukraine tensions

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.8% to close above $1,309, its highest finish in two weeks, as a falling dollar and rising tensions between the Ukraine and Russia rekindled safe-haven demand. Pro-Russian separatists occupied government buildings in three eastern Ukrainian cities. Blaming Moscow for the insurrection, Kiev dispatched troops to the region, prompting Russia to warn of possible civil war. Gold rallied to a six-month high near $1,390 last month after Russia annexed the Crimea.

The dollar plunged against major rivals and the euro rallied to a two-week high after ECB officials backtracked over the possibility of deeper monetary stimulus in the eurozone. ECB President Mario Draghi said last week that Fed-style bond purchases, known as quantitative easing, may be used to combat falling inflation. A weaker dollar increases demand for gold and silver as an alternative store of value.

The other precious metals followed gold higher. Silver also added 0.8% to reclaim $20 an ounce while platinum and palladium jumped 1% and 1.1%, respectively, on worries that conflict between Russia and the Ukraine may interrupt supplies. Russia is a leading producer of PMGs.

At the Comex close: June gold gained $10.80 $1,309.10; May picked up 15 cents to $20.06; July platinum added $13.90, to $1,441.70; June palladium rose $8.20 to $775.85 an ounce.




April 7: Gold slips 0.4% on Fed taper view

Source: Dr. Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.4% to close under $1,300 on speculation that last week's jobs data, though weaker than forecast, will not prevent the Fed from continuing to reduce quantitative easing. Gold rose on Friday in a short-covering rally after the March payrolls report showed 192,000 jobs were added, a decent number but not as many as projected. Today, after digesting the data, traders concluded that the Fed's taper will march on as scheduled. Tantamount to printing money QE has supported higher prices for gold by flooding the market with cheap liquidity and increasing the risk of long-term inflation.

Equities and commodities were also hit by the Fed outlook. The Dow and S&P 500 tumbled more than 1%, with the latter erasing all gains for the year. Silver dipped 0.2% while platinum and palladium, more closely tied to industry, dropped 1.6% and 2.9%, respectively.

At the Comex close: June gold slipped $5.20 to $1,298; May silver dipped 4 cents to $19.91; July platinum fell $23.10 to $1,427.80; and June palladium dropped $23.10 to $767.65 an ounce.




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