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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.


February 22: Gold slips on oil, recoups on Fed

Source: Bill Musgrave, American Gold Exchange

New York -- Gold slipped 0.5% to close just above $1,233 in regular trade as oil fell and the dollar strengthened, cutting into demand for alternative assets. The metal then recouped all those losses in electronic trade, rising back above $1,239, after the minutes from the last Fed meeting signaled uncertainty over the timing of future rate hikes.

Crude oil logged its first loss in four sessions, dropping 1.4% on growing concern that non-OPEC producers, especially Russia, will not comply with the recent agreement to curtail production. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Before the release of the Fed minutes, a mildly higher dollar also pressured gold. Both trades changed direction, however, when the latest FOMC meeting showed "considerable uncertainty" over the fiscal policies of the new Trump administration. The dollar weakened into mild losses of around 0.2% while gold added more than $6.

The other precious metals finished lower, with silver dipping 0.3% while platinum and palladium lost 0.3% and 1.3%. Silver then recouped into slight gains after hours while the PMGs extended their losses.

At the Comex close: April gold slipped $5.60 to $1,233.30; May silver dropped 5 cents to $18.02; April platinum fell $3.30 to $1,002.70 and June palladium lost $9.95 to $770.20 an ounce.




February 21: Gold unchanged despite jump in dollar

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold ended virtually unchanged near $1,239 after early pressure from a rising dollar was offset by safe-haven demand surrounding the upcoming presidential election in France.

The dollar jumped nearly 0.5% against major rivals after Patrick Harker of the Philly Fed said he would support higher interest rates at the March meeting of the FOMC if the economy stays of course. Harker's comments follow a similar statement by the Cleveland Fed's Loretta Mester, made yesterday in Singapore.

CME Fedwatch, which gauges the likelihood of rate hikes based on trading in Fed find futures, now sees a 22% chance for a March hike, up from 17% yesterday. Higher rates typically lift the dollar by attracting foreign exchange investment searching for higher yields.

Gold overcame early pressure from the rising dollar after polls showed Marine Le Pen widened her lead over two main challengers in France's upcoming presidential election. Leader of the far-right National Front, Le Pen has promised to push for Frexit, or a French exit from the European Union, which many believe would doom the euro and destabilize the global recovery.

Rising oil prices also added support to gold prices, with crude futures gaining more than 1% on optimism that OPEC leaders will comply with the recent agreement to cut production. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly lower, with silver and palladium slipping 0.2% and 0.1%, respectively, while platinum was unchanged.

At the Comex close: April gold edged down 20 cents to $1,238.90; May silver dipped 3 cents to $18.07; June palladium slipped 40 cents $770.15; and April platinum was flat at $1,006 an ounce.




February 20: Gold flat in holiday trading

Source: Bill Musgrave, American Gold Exchange

Austin -- With U.S. markets closed for Presidents Day, gold was virtually flat in electronic trade, hovering near $1,239 as traders await details of President Trump's tax plan and additional signals from the Federal Reserve about the timing of rate hikes.

Earlier this month, Donald Trump announced that a "phenomenal" tax plan would be unveiled within a few weeks. Traders initially seized on the announcement as the first step in Trump's much-awaited program to stimulate economic growth, boosting the dollar.

Some of that initial euphoria subsided as no details were forthcoming, something the markets hope will change when Trump addresses a joint session of Congress next week. In the meantime, the dollar and gold are treading water, looking for direction in other areas.

Speaking in Singapore, Cleveland Fed chief Loretta Mester she is "comfortable" with raising interest rates if the U.S. economy continues its current performance. Higher rates typically support the dollar, weighing on gold and other commodities denominated in it for international trade by making them more expensive overseas.

The other precious metals were also little-changed, slipping less than 0.1% in electronic trade.




February 17: Gold dips, gains for third week

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.2% to close above $1,239, holding near yesterday's three-month high of $1,242, as a rebounding dollar offset retreating equities to reduce demand for alternative stores of value. The metal gained for the third straight week, adding 0.3% since last Friday.

The Dow dropped 0.2% as traders took profits from record highs while awaiting details on President Donald Trump's tax and trade policies. Stocks have rallied on expectations that he will boost growth by slashing taxes, rewriting trade agreements, and spending $1 trillion to rebuild U.S. infrastructure.

The dollar recouped this week's losses, adding 0.4% against major rivals on follow through from Janet Yellen's testimony before Congress this week. While the Fed Chair defended her go-slow approach to rate hikes, she affirmed that the economy is on track for gradual tightening in monetary policy this year.

In December, the Fed signaled three increases of a quarter-point each for 2017. The Fed funds futures market projects only two, with less than a 20% chance of the first coming in March.

Higher rates boost the dollar by attracting foreign exchange investment seeking higher yield. In turn, higher rates can pressure gold and other commodities denominated in the dollar for international trade by making them more expensive in other currencies.

The other precious metals were down for the day and mixed for the week. Silver dipped 0.2% today but gained 0.5% this week. Platinum dropped 1% for a weekly loss of 0.6%, while palladium fell 1.8% today and 0.5% this week.

At the Comex close: April gold dipped $2.50 to $1,239.10; March silver slid 4 cents to $18.03; April platinum fell $9.70 to $1,006; and March palladium shed $14.10 to $779.20 an ounce.




February 16: Gold climbs for second session

Source: Bill Musgrave, American Gold Exchange

Austin -- Extending yesterday's gains, gold added 0.7% to close at a three-month high near $1,242 as stocks wobbled and the dollar fell, boosting demand for alternative assets. The metal has risen 1.3% over the past two session.

The dollar lost 0.6% against major rivals, pulled lower by profit-taking from its 1.1% rally in February and uncertainty about Trump administration policies. Last week's promise of tax cuts helped to boost the buck, but lack of details is now causing traders to hedge those bullish bets, while concerns about trade protectionism are also taking a toll.

Wall Street pulled back from five straight days of record closes as optimism about the economy and Trump's pro-growth presidency gave way to profit-taking and uncertainty. The CBOE volatility index is on track for its biggest two-day rise since early November, signaling a growing demand for protection against market losses.

Tracking higher with gold, Treasury prices also rose notes to flights to safety, knocking yields lower for the first time in five days.

Gold gains came despite some generally upbeat economic data. Manufacturing in the Philly Fed region surged to a 33-year high on growth prospects under a Trump administration and new claims for unemployment dropped last week, but U.S. housing starts fell 2.6% in January.

The other precious metals also gained, with silver and platinum climbing 0.6% while palladium rose 0.9%.

At the Comex close: April gold gained $8.50 to $1,241.60; March silver climbed 11 cents to $18.07; April platinum added $5.80, to $1,015.70; and March palladium picked up $7.10, to $793.30 an ounce.




February 15: Gold gains 0.6% with surge in CPI

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.6% to close above $1,233 after a stiff rise in consumer prices spurred demand for inflation hedges, bringing bargain-hunters into the market after four losing sessions.

Inflation surged in January by the most in four years, with the Consumer Price Index rising by 0.6%, doubling most forecasts. Higher gasoline prices were the primary driver, though the cost of housing and health care also rose. Wage growth did not keep up with prices, however, as real average hourly earnings fell by 0.5%.

U.S. retail sales also beat expectations, rising by 0.4% despite the biggest drop in new car sales in then months. But manufacturing rose at a sleepy 0.2% after a similar rise in December.

Stocks extended their rallies on the upbeat data, with the Dow and S&P 500 both adding around 0.5% to reach new record highs.

The dollar stumbled between gains and losses to close nearly flat as traders digested Fed Chair Janet Yellen's second day of Congressional testimony on monetary policy. When asked about coming rates hikes Yellen refused to commit to a timetable. Despite some hawkish rhetoric from Fed members recently, many analysts still forecast two hikes this year rather that the three mentioned by the Fed in December.

The other precious metals also rose, with silver adding 0.4% while platinum and palladium picked up 0.8% and 0.7%, respectively.

At the Comex close: April gold gained $7.70 to $1,233.10; March silver added 7 cents, to $17.96; April platinum climbed $7.70 to $1,009.90; and March picked up $5.30, to $786.20 an ounce.




February 14: Gold dips on Yellen, recoups on PPI

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 40 cents to close at $1,225.40 after hawkish comments from Fed Chair Janet Yellen boosted the dollar, pressuring alternative assets. The metal rebounded into gains after hours, pushing back over $1,230 in electronic trade, on rising inflation data.

In regular testimony before the Senate Banking Committee, Yellen said the economy is moving toward meeting the criteria for normalizing monetary policy, signaling that a rate hike is back on the table for March.

The dollar added 0.3% to reach a four-week high against major rivals after Yellen's testimony. Rising rates boost the dollar by attracting foreign exchange investment seeking higher yields, in turn weighing on gold because the metal is priced in dollars for international trade.

Wholesale inflation jumped by the most in four years in January, with the Producers Price Index for final demand rising 0.6%, propelled by rising costs of energy and raw materials. The higher inflation numbers helped to minimize gold's losses in the regular session and to push it back into gains after hours as investors sought inflation hedges.

The other precious metals finished higher, with silver rising 0.4% while platinum and palladium picked up 0.2% and 0.8%, respectively. All three extended gains in electronic trade after closing.

At the Comex close: April gold edged down by 40 cents to $1,225.40; March silver added 8 cents, to $17.89; April platinum picked up $1.90, to $1,002.20; and March palladium gained $5.95 to $780.90 an ounce.




February 13: Gold falls on rising risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold fell $10.10 to close under $1,226 on rising risk appetite as U.S and global equities marched higher, cutting into demand for alternative assets.

All three major U.S. stock indexes rallied to new records, with the Dow adding 0.8% while Nasdaq and the S&P 500 rose 0.6%, as traders bet that policies to be enacted by Donald Trump will fuel growth and inflation. The Global Dow also caught the sentiment, rising 0.7%.

Last week's announcement that a substantial overhaul of income taxes will be forthcoming helped to rekindle a post-election risk-rally that had begun to fade in January. Executive orders loosening financial regulations also fueled gains by driving banking shares higher.

The dollar edged up 0.2%, pressuring gold and other commodities denominated in it for international trade by making them more expensive overseas. Traders are awaiting a pair of speeches later this week by Fed Chair Janet Yellen for additional clues on the direction of interest rates.

Oil prices fell lost nearly 2%, dropping for the first time in four session, on concerns that gains in the U.S. shale industry will contribute to overproduction. Gold often trade sin sympathy with oil as a hedge against energy-related inflation.

The other precious metals also fell, with silver dropping 0.6% while platinum and palladium slid 1.1% and 1%, respectively.

At the Comex close: April gold fell $10.10 to $1,225.80; March silver dropped 11 cents to $17.82; April platinum lost $11.40 to $1,000.30; and March palladium slid $8.15 to $774.95 an ounce.




February 10: Gold ends 1.2% higher for week

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold edged slightly lower, dipping less than 0.1% to close under $1,236, as rising equities and the dollar cut into demand for alternative assets. The metal finished 1.2% higher for the week to notch its second straight weekly win, and is up more than 7% in 2017.

The Dow and S&P 500 extended their rallies, adding 0.5% and 0.4%, respectively, to reach new highs as yesterday's teaser announcement of a "phenomenal" tax plan by President Trump added to optimism about growth. While no details have been forthcoming, traders were encouraged by Trump's turn toward economic issues after weeks of controversy.

Upbeat data from China also stoked risk appetite, as Chinese exports rose nearly 8%, year-over-year, and imports jumped more than 16%.

The dollar pushed slightly higher, adding 0.1% against major rivals, on speculation that lower taxes may spur growth and inflation, causing the Fed to accelerate the pace of rate hikes. A rising dollar typically pressures gold and other commodities denominated in it for international trade by making them more expensive overseas.

The buck's gains were capped, however, by falling consumer sentiment as some of the post-election euphoria for a Trump presidency has fizzled in recent weeks.

The other precious metals were mixed for the day but higher for the week. Silver rose 1.1% today for a weekly gain of 2.6%. Platinum fell 1% but still rose 0.5% for the week. Palladium jumped 1.4% today and 4.6% this week.

At the Comex close: April gold edged down 90 cents to $1,235.90; March silver gained 19 cents to $17.93; April platinum fell $10.50 to $1,011.70; and March palladium jumped $10.55 to $783.10 an ounce.




February 9: Gold dips 0.2% on profit-taking

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.2% to close under $1,237 as traders took profits from five straight session gains. Rallies in the dollar and equities also pressured alternative assets.

Donald Trump said today that a "phenomenal" tax plan will be forthcoming within a few weeks. While no details were provided, traders seized on the announcement as the first step in Trump's much-awaited program to stimulate economic growth.

The dollar rebounded by 0.5% on the Trump proclamation, though it remains down 1.6% so far in 2017, and Treasury yields ticked slightly higher after hitting a three-week low yesterday. A strong dollar tends to pressure gold by making it more expensive to users of other currencies.

Wall Street also jumped, with all three major U.S. indexes gaining more than 0.6% and hitting record highs. The prospect of lower taxes on individuals and corporations was enough to re-ignite risk appetite, gone dormant in recent sessions, on hopes that Trump will now turn his attention to fulfilling campaign promises to spend $1 trillion on rebuilding infrastructure.

More directly tied to industry, the other precious metals finished higher. Silver added 0.2% while platinum and palladium rose 0.3% and 0.4%, respectively.

At the Comex close: April gold dropped $2.70 to $1,236.80; March silver added 4 cents to $17.74; April platinum picked up $2.80 to $1,022.20; and March rose $2.80 to $772.55 an ounce.




February 8: Gold rises to 12-week high on political jitters

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained for a fifth session, adding 0.3% to close at a 12-week high near $1,240, as political jitters continued to spur demand for safe havens.

Political uncertainty surrounding upcoming elections in France pressured the euro and widened the spreads between French and German bond-yields to the most in more than four years. Yields on 10-year U.S. Treasurys fell by more than 1% as investors sought safety.

Marine Le Pen, leader of the far-right National Front, announced her run for President over the weekend. While still a relative longshot, Pen's anti-immigration candidacy has gained momentum recently, leading to concern about the future of the EU. She has said she'll pursue Frexit, or a French exit from the EU.

Worries about the policies of Donald Trump are also boosting flights to safety after a series of controversial statements and executive orders have led to confrontations with courts and Democratic lawmakers. Few details on economic policy have been revealed, leading traders to question whether his promise of $1 trillion in infrastructure spending will become reality.

The dollar slipped 0.1% against major rivals, supporting gold and other commodities denominated in it for international trade by making them less expensive in other currencies.

Gold was further supported by rising oil prices, which added 0.3% on an unexpected decline in U.S. gasoline inventories. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly higher, with platinum and palladium gaining 0.6% and 0.7%, respectively, while outlier silver slipped 0.3%.

At the Comex close: April gold gained $3.40 to $1,239.50; March silver slid 5 cents to $17.71; April platinum added $6.50, to $1,019.40; and March palladium climbed $5.30 to $769.75 an ounce.




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