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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.


June 23: Gold gains 0.6% on dollar, rate view

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold rose for a third session, gaining 0.6% to close above $1,256, as the dollar rolled back on mixed data and doubts about further rate hikes from the Fed. The metal closed the week virtually flat, down ten cents from last Friday.

James Bullard of the St Louis Fed said the central bank should pause raising interest rates because the economy is stuck in a "low growth, low inflation" equilibrium. The recent downturn in inflation and persistently weak growth this year have led Bullard to call for holding rates steady into 2019.

Markit's flash PMI showed manufacturing fell in June to the lowest level in nine months. Meanwhile, sales of new homes jumped 2.9% in May after a soft April, signaling residual strength in the housing market.

The dollar fell sharply against major rivals as traders had doubts about the Fed's willingness to raise interest rates again this year. A falling dollar supports gold and other commodities denominated in it for international trade by making them less expensive in other currencies.

The other precious metals were mixed on the day and week. Silver rose 0.8% but lost a cent for the week. Platinum added 0.4% on the day for a weekly gain of 0.3%. Palladium fell 2.7% today and 1% this week.

At the Comex close: August gold added $7, to $1,256.40; July silver climbed 14 cents to $16.65; July platinum picked up $3.80, to $929.40; and September palladium fell $23.85 to $856.65 an ounce.




June 22: Gold rises for second session

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold rose for a second session, adding 0.3% to close above $1,249 as rebounding oil and a rising yen boosted demand for alternative assets.

Oil prices bounced as much as 2% higher before settling back with a daily gain of 0.5% after U.S. crude supplies declined for a second week. Lingering worries about global overproduction pressured earlier gains. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The dollar fell against the yen after Japan upgraded its economic outlook for the first time since December, as increases in capital investment and consumer spending are fueling stronger growth. The buck was little changed against other major rivals.

The other precious metals were mostly higher, with silver and palladium gaining 0.8% and 0.5%, respectively, while platinum dipped 0.2%.

At the Comex close: August gold picked up $3.60, to $1,249.40; July silver rose 14 cents to $16.51; July platinum dipped $1.40 to $925.60; and September palladium rose $4.05 to $880.50 an ounce.




June 21: Gold gains 0.2% as dollar, equities slump

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.2% to close near $1,246 as the dollar and equities slumped, boosting demand for alternative assets.

The Dow dropped nearly 0.3%, led by weakness in energy shares after oil plunged another 3%. U.S. crude futures dropped to just over $42 per barrel on rising worries that the global supply glut will persist into next year.

The dollar rolled back 0.2% against major rivals as the pound rebounded on signs that the Bank of England will consider the gradual removal of monetary stimulus later this year. A falling dollar typically supports gold and other commodities by making them less expensive in other currencies.

The buck was also pressured by dovish comments from two prominent Fed officials. Patrick Harker of the Philadelphia Fed said the central bank will consider shrinking its $4.5 trillion balance sheet in September, pausing rate hikes while the reductions begin.

Yesterday, Chicago Fed President Charles Evans said he may not support another rate hike this year because of soft inflation data.

The other precious metals were mostly higher, with platinum and palladium rising 0.6% and 1.1%, respectively, while outlier silver dropped 0.3%.

At the Comex close: August gold gained $2.30 to $1,245.80; July silver dropped 4 cents to $16.37; July platinum added $5.50, to $927; and September palladium climbed $9.30 to $876.45 an ounce.




June 20: Gold slips 0.3% on oil, dollar

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold slipped 0.3% to close at $1,243.50 as oil fell into bear territory, muting demand for alternative stores of value.

Oil prices dropped 2.2% to close just over $43 per barrel, the lowest level since last August, as traders worried that rising output from Libya and the U.S. will negate the effects of OPEC production cuts in reducing the global supply glut. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

Crude has now fallen 20% from its 2017 high of $54, putting it into a technical bear market.

The dollar picked up 0.3% against major rivals, led by a surge against the UK pound after the Bank of England ruled out a rate hike in the near future. A rising dollar typically pressures gold and other commodities denominated in it for international trade by making them more expensive overseas.

The other precious metals were mostly lower, with silver and platinum dropping 0.5% and 0.6%, respectively, while palladium gained 1.4%.

At the Comex close: August gold fell $3.20 to $1,243.50; July silver lost 9 cents to $16.42; July platinum slid $5.40 to $921.50; and September palladium gained $11.55 to $867.15 an ounce.




June 19: Gold falls on dollar, risk rally

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold fell 0.8% to close under $1,247 after a rally in equities and hawkish comments from a prominent Fed official stoked risk appetite and reduced demand for alternative assets.

The S&P 500 and the Dow gained 0.7% and 0.5%, respectively, to set new record highs as the tech sector enjoyed its biggest day since March. NASDAQ jumped 1.3%, led by strong rises in Apple, Amazon, AMD, and other major technology stocks, which pulled the other indexes higher.

New York Fed President William Dudley said the Fed should continue its efforts to normalize monetary policy because the economic outlook is "pretty good" despite some soft growth and inflation in the first half of the year. Dudley's comments carry weight as he is a strong ally of Fed Chair Janet Yellen, who made similar statements last week after the Fed's two-day meeting on policy.

The dollar reversed early losses to gain 0.4% on Dudley's hawkish message, pressuring gold and other commodities denominated in it for international trade.

The other precious metals also fell, with silver dropping 0.9% while platinum and palladium lost 0.2% and 1%, respectively.

At the Comex close: August gold fell $9.80 to $1,246.70; July silver dropped 15 cents to $16.52; July platinum slipped $1,50 to $925.30; and September palladium shed $9.15 59 $856.50 an ounce.




June 16: Gold gains on soft economic data

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.2% to close at $1,256.50 after a spate of downbeat U.S. economic data pressured the dollar, boosting demand for alternative stores of value. The metal closed the week down 1.2% for its second weekly loss after five straight gains.

Housing starts hit an eight-month low in May, as construction activity declined across the nation. Shortages of labor and land were blamed for the broad weakness in construction, which is expected to weigh on GDP growth in the second quarter.

Consumer sentiment in June fell to the lowest level since last November, with a sharp drop coming in the aftermath of former FBI director James Comey's testimony before Congress. Members of both political parties are less optimistic about the economy, but Republicans are experiencing a greater erosion of confidence, according to the University of Michigan survey.

Two Fed member pushed back against the central banks hawkish rate view today. Neil Karshkari of the Minneapolis Fed disagreed with Janet Yellen's characterization of recent inflation weakness as temporary, warning that the Fed should wait for hard evidence of inflation pressure before hiking. Separately, Robert Kaplan of the Dallas Fed echoed the caution, saying the Fed "should be very careful about raising rates" going forward.

The dollar slipped 0.3% against major rivals on the soft data, supporting gold and most commodities denominated in it for international trade.

The other precious metals were mixed for the day and week. Silver slid 0.3% for a weekly loss of 3.3%. Platinum rose 0.6% today but lost 1.4% this week. Palladium rose 0.7% on the day and 1.1% on the week.

At the Comex close: August gold gained $1.90 to $1,256.50; July silver slid 6 cents to $16.66; July platinum added $5.50, to $926.80; and September palladium climbed $7.70 to $865.65 an ounce.




June 15: Gold falls to 3-week low on rate view

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold fell 1.7% to a three-week low under $1,255 after yesterday's rate hike and hawkish tone from the Fed boosted the dollar, damping demand for alternative stores of value.

The Federal Reserve hiked interest rates by a quarter-point, as expected, at their two-day meeting on monetary policy that ended yesterday. They surprised the markets, however, by stating their intention to hike again this year despite soft growth data and weakening inflation. They will also begin to shrink their $4.5 trillion balance sheet accumulated through quantitative easing during the recession.

Fed Chair Janet Yellen supported her colleagues' hawkish view by saying inflation is coming. The strong labor market will eventually translate into higher wages and prices, with annualized inflation surpassing 2% by 2019, she said following the Fed's meeting.

Meanwhile, the BLS reported today that US import prices fell 0.3% in May, while export prices dropped 0.7%.

The dollar gained 0.5% against major rivals on the Fed's rate view, pressuring gold and other commodities denominated in it for international trade by making them more expensive overseas.

The other precious metals were mostly lower, with silver and platinum losing 2.5% and 3.2%, respectively, while palladium added 0.5%.

At the Comex close: August gold fell $21.30 to $1,254.60; July silver plunged 42 cents to $16.72; July platinum dumped $30.60 to $921.30; and palladium rose $4.15 to $857.95 an ounce.




June 14: Gold gains 0.6%, then falls on Fed

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.6% to close near $1,273 after weak inflation and retail sales data undermined the dollar, increasing demand for alternative stores of value. The metal then surrendered those gains and more in electronic trade after the Fed raised rates and signaled another hike for later this year.

The Consumer Price Index fell in May, marking the second month of softer inflation in the past three. softened. The 12-month inflation rate also fell, dropping to 1.9%, or just under the Fed's target 2%.

Retail sales fell by 0.3%, the most in 16 months. While weak across the board, sales declines were led by a dramatic 2.4% plunge in gasoline and a 0.2% in auto sales.

The dollar fell 0.5% on the weak U.S. data, supporting gold and other commodities denominated in it for intentional trade by making them less expensive overseas. But trading patterns reversed themselves after the Federal Reserve concluded its two-day meeting on policy.

The central bankers raised interest rates by a quarter-point, which was widely expected. However, they also affirmed a third hike to come later this year, and their decision to start shrinking their $4.5 trillion balance sheet.

Traders were caught off guard, speculating that recent weakness in inflation and growth data would cause the Fed to delay a third hike, perhaps until next year. In electronic trade, gold fell around $10 an ounce to $1,263 and the dollar made up almost of its earlier gains.

The other precious metals were mostly higher before the Fed and lower afterward. Silver closed 2.2% higher at 17.14 before slipping back around 6 cents. Platinum gained 3% to $951, then gave up $19 after the Fed announcement. Palladium closed 0.4% lower at $853.80, then recouped around $2 in electronic trade.




June 13: Gold edges down 0.1% on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold edged less than 0.1% lower to close under $1,269 as U.S. stocks climbed to record levels, reducing demand for alternative assets.

The Dow and S&P 500 each gained almost 0.5%, closing at record levels after tech shares rebounded for two days of losses. With the Fed meeting on monetary policy today, traders speculated that the central bank will be cautious with rates hikes to make sure not to stifle growth with too much tightening.

The Fed has recently acknowledged softer inflation pressures and only moderate recovery from the first quarter's anemic growth. Several prominent members have signaled a desire to reconsider the pace future hikes after June's near-certain quarter-point rise.

The Producer Price Index for May was flat, showing a 0.3% increase in final demand services offsetting a 0.5% decrease in final demand products. Moderating inflation reduces the urgency for future rate hikes.

The dollar dipped slightly against a basket of rivals as the UK pound jumped on strong inflation data.

The other precious metals also finished lower, with silver dropping 1% while platinum and palladium fell 2.2% and 0.8%, respectively.

At the Comex close: August gold dipped 30 cents to $1,268.60; July silver lost 18 cents to $16.77; July platinum dropped $20.30 to $924.20; and September palladium gave up $6.70, to $857.55 an ounce.




June 12: Gold dips as dollar pressures pound

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold dipped 0.2% to close under $1,269 as the dollar strengthened against the UK pound and traders prepared for this week's meeting of the Federal Reserve.

The dollar hit a seven-week high against the UK pound today as financial markets continue processing last week's shocking loss by the Conservative Party in Britain's snap election. PM Theresa May called the election to strengthen her control of Parliament ahead of this months' Brexit negotiations with EU. Instead, her party lost a governing majority, creating new uncertainty in the British economy.

The Fed begins it two-day meeting on monetary policy tomorrow. The market places the odds of a quarter-point rate hike at 97%, supporting the dollar and weighing on gold and other commodities denominated in the currency for international trade.

However, the pace of hikes after that may be up in the air after a spate of softer economic data, including a subpar nonfarm payrolls report for May, and political uncertainty surrounding alleged ties between the Trump administration and Russia.

The other precious metals were mixed. Silver fell 1.6% while platinum and palladium gained 0.5% and 0.9%, respectively. It was palladium highest close since September 2014.

At the Comex close: August gold dipped $2.50 to $1,268.90; July silver lost 28 cents to $16.94; July platinum added $4.20, to $944.50; and September palladium climbed another $8.05 to at $864.25 an ounce.




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