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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 26: Gold edges lower on Trump tax plan

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold edged down 0.2% to close over $1,264 as the dollar crept higher on President Trump's tax proposal, damping demand for alternative stores of value.

Trump and Treasury Secretary Steven Mnuchin unveiled their plans to slash corporate taxes from 35% to 15% while granting a tax holiday on corporate profits repatriated from overseas. The proposal would also reduce the number of personal income tax brackets from seven to three, and stop allowing people to deduct state and local taxes from reportable income, among other provisions.

The Trump administration claims the plan will unleash growth by allowing corporations to generate more profit, which they will then plow into business investment. Critics call it a return to supply-side economic principles that will add billions—perhaps trillions—to the federal deficit.

The dollar added 0.2% against major rivals, though lost ground after the Trump tax announcement. A stronger dollar weighs on gold and other commodities denominated in it for international trade by making them more expensive overseas.

The other precious metals were mixed, with silver and platinum sliding 1.3% and 0.8%, respectively, while palladium gained 1.1%.

At the Comex close: June gold edged $3 lower to $1,264.20; July silver lost 23 cents to $17.43; July platinum slid $7.65 to $948.10; and June palladium gained $8.76 to $805.15 an ounce.




April 25: Gold drops on extended risk rally

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold fell 0.8% to close just above $1,267 as equities extended their rally on relief over the French presidential election, upbeat housing data, and hopes for U.S. tax reform.

The Dow rallied 1.2% and the Global Dow added 0.9% as risk appetite rose for a second session in the wake of election results in France. Centrist Emmanaul Macron and euro-skeptic Marine Le Pen will face each other in a runoff election May 7, with Macron heavily favored to win. Investors had been fearful that a runoff between Le Pen and Jean-Luc Melenchon, another euro-skeptic, would have put the European Union itself in jeopardy.

New home sales jumped nearly 6% to an eight-month high in March while home prices rose at fastest rate in nearly three years. The strong data lent hope that the crucial housing market could help to spur real GDP growth in Q2 after Q1's meager rise of 0.5%.

Equities received additional support from reports that President Donald Trump wants to slash corporate tax rates from 35% to just 15%, prioritizing growth over deficits.

The other precious metals were mostly lower, with silver and platinum dropping 1.5% and 0.3%, respectively, while outlier palladium added 0.25.

At the Comex close: June gold lost $10.30 to $1,267.20; May silver dropped 27 cents to $17.59; July platinum slid $2.60 to $956.10; and June palladium added $1.20, to $796.65 an ounce.




April 24: Gold falls 0.9% on Frexit relief

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold fell 0.9% to close under $1,278 on rising risk appetite after euro-friendly Emmanuel Macron led all candidates in yesterday's French presidential election, greatly reducing the threat of Frexit, or a French exit from the euro.

Centrist Macron and far-right Marine Le Pen, finishing first and second, will compete in a runoff election in June. Markets were fearful that Le Pen and Jean-Luc Melenchon of the far-left, another euro-skeptic, would dominate voting and leave the nation no choice but to elect a president committed to leading France out of the EU. Few analysts give Le Pen a chance to win the next round.

Equities surged as relief over the election stoked a risk rally. The Dow gained more than 1.1%, and the Global Dow more than 2%, pulling investors away from safe-haven assets like gold and Treasurys.

The dollar ticked higher, adding 0.1% against a basket of rivals, despite the euro surging to a five-month high.

The other precious metals were mixed, with silver trading roughly flat while platinum fell 1.8% and palladium rose 0.6%.

At the Comex close: June gold fell $11.60 to $1,277.50; May silver was flat at $17.86; July platinum lost 17.40 to $960.20; June palladium added $4.70, to $795.45 an ounce.




April 21: Gold gains for sixth straight week

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.4% to close above $1,289 as softer equities and uncertainty over the upcoming French elections boosted demand for safe havens. The metal gained 0.1% for the week, notching its sixth straightly weekly win.

Wall Street edged lower despite solid corporate earnings reports, with the S&P 500 dropping 0.2% as traders eschewed risky bets ahead of Sunday's presidential election in France.

With four candidates neck and neck, including two who are deeply euro-skeptic, the fate of the eurozone could hang in the balance of Sunday's vote. Both Jean-Luc Melenchon of the far-left and Marine Le Pen of the far-right are calling for Frexit, or a French exit from the EU, which would deliver a possibly mortal blow to the euro and radically destabilize global financial markets.

The dollar gained slightly, adding 0.1% against major rivals, as the euro weakened on political uncertainty. Ordinarily, a rising dollar pressures gold and other commodities by making them more expensive overseas. Today's market action saw both gold and the greenback rise on safe-haven demand.

The other precious metals were lower for the day and mixed for the week. Silver dropped 0.9% today for a 3.5% weekly loss. Platinum slid 0.4% on the day but held a 0.1% rise for the week. Palladium dropped 1.5% for a loss of 1% this week.

At the Comex close: June gold gained $5.30 to $1,289.10; May silver fell 16 cents to $17.86; July platinum slid $3.50 to $976.10; June palladium dropped $12.15 to $790.75 an ounce.




April 20: Gold edges up on haven demand

Source: Bill Musgrave, American Gold Exchange

Austin -- Rising for the sixth time in seven sessions, gold edged up less than 0.1% to close near $1,284 as geopolitical concerns overcame rallying U.S. equities to support safe-haven demand.

The Dow jumped around 200 points, or 1%, as solid earnings data from blue chip firms helped to buoy optimism about rising corporate profits. Sentiment was also bolstered by reports that House Republicans are working toward new agreement to roll back the Affordable Care Act.

The rise in risk appetite came despite data showing factory activity in the Philadelphia Fed region weakened in March. The report followed Fed data earlier this week showing national industrial production declined 0.4% during the same period.

Worries about this weekend's French presidential election helped to build interest in safe havens. With only days to go, four candidates are neck and neck and the fate of the eurozone could hang in the balance. Both Jean-Luc Melenchon of the far-left and Marine Le Pen of the far-right are calling for Frexit, or a French exit from the EU, which would deliver a possibly mortal blow to the euro.

Further supporting gold, North Korea today vowed a "super-mighty pre-emptive strike" that would reduce the U.S. and South Korea "to ashes." The latest escalation in saber-rattling came after Vice President Mike Pence, touring Asia, said the "era of strategic patience" with North Korea is over.

The other precious metals were mostly higher, with platinum and palladium rising 1.1% and 3.5%, respectively, while silver fell 0.8%.

At the Comex close: June gold edged up 40 cents to $1,283.80; May silver lost 14 cents to $18.02; July platinum gained $11 to $979.60; and June palladium jumped $27.30 to $802.90 an ounce.




April 19: Gold slides on profit-taking, dollar rise

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold slid 0.8% to close under $1,284 as traders took profits from five days of gains and the dollar rebounded, cutting into demand for alternative stores of value.

The dollar rose 0.2% against major rivals after Treasury Secretary Steven Mnuchin told the Financial Times that President Trump was "absolutely not" trying to undermine the dollar in when he said last week that the dollar is too strong. A weaker dollar tends to support gold and other commodities denominated in it for international trade by making them less expensive in other currencies.

Gold had risen 3% over the previous five trading sessions, reaching its highest level since before the U.S. presidential election in November, as concerns over Trump's flagging legislative agenda on healthcare and tax reform, combined with his increasingly hawkish foreign policy stances, rekindled safe-haven demand.

The Fed's Beige Book, released today, showed few signs of inflation despite a tighter labor market. Uncertainty over the tax reform and fiscal policies restrained consumer spending and overall economic activity. Lower inflation-expectations eases pressure on the Fed to raise interest rates.

The other precious metals were mostly lower, with silver and platinum dropping 0.6% and 0.9%, respectively, while palladium rose 0.6%.

At the Comex close: June gold fell $10.70 to $1,283.40; May silver slid 11 cents to $18.16; July platinum dropped $8.80 to $968.60; and June palladium added $4.62, to $775.60 an ounce.




April 18: Gold gains for fifth session

Source: Bill Musgrave, American Gold Exchange

Austin -- Notching its fifth straight winning sessions, gold gained 0.2% to close at a five-month high above $1,294 as the dollar plunged on soft U.S. data and political uncertainty in Britain, boosting demand for alternative stores of value.

British Prime Minister Theresa May surprised financial markets by calling for a snap general election in June, hoping to bolster Tory power and strengthen her hand in Brexit negotiations. The pound soared 1.6% to a five-month high on the announcement.

U.S. housing starts fell 7% in March, raising questions about the crucial housing market entering prime buying season. And factory output fell 0.4% for its first decline since August, dragged down by a 3% drop in auto manufacturing. The Atlanta Fed lowered its forecast for real GDP growth in Q1 to just 0.5%

The dollar plunged nearly 0.8% on the UK election news and US data. Uncertainty over the upcoming presidential election in France also weighed on the buck by driving investors into safe havens like the yen and gold. A weaker dollar typically supports gold by making it less expensive overseas.

The other precious metals finished lower, with silver dropping 1.3% while platinum and palladium lost 1.2% and 2.2%, respectively.

At the Comex close: June gold gained $2.20, or 0.2%, to settle at $1,294.10; May silver dropped 24 cents to $18.27; July platinum lost $12.20 to $976.90; June palladium shed $17.55 to $771 an ounce.




April 17: Gold gains on growing global risks

Source: Bill Musgrave, American Gold Exchange

Austin -- Extending last week's 2.5% rise, gold added another 0.3% to close above $1,292, a fresh five-month high, as rising geopolitical tensions spurred demand for safe-haven assets. It was the metal's fourth straight winning session.

Vice President Mike Pence warned North Korea not to test Donald Trump, citing recent military strikes against Syria and Afghanistan, while White House national security adviser Lt. Gen. H.R. McMaster told ABC News that the rogue nation's provocations "can't continue."

The saber-rattling shook financial markets, pushing the dollar 0.4% lower against major rivals as investors sought out safe-haven currencies like the yen and Swiss franc. A weaker dollar supports gold and other commodities by making them less expensive overseas.

U.S. Treasurys rallied alongside gold on flights to safety, pushing yields on 10-year notes to the lowest level since early November.

The other precious metals were mostly higher, with silver and platinum gaining 0.2% and 1.4%, respectively, while palladium dropped 0.7%.

At the Comex close: June gold gained $3.90 to $1,292.40; May silver picked up 3 cents, to $18.54; July platinum jumped $13.70 to $991.10; and June palladium fell $5.60 to $790.30 an ounce.




April 13: Gold notches 2.5% weekly win

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold gained 0.8% to close near $1,289, a new five-month high, as geopolitical jitters and dollar-negative comments from Donald Trump boosted demand for alternative stores of value. The metal closed the holiday-shortened week with a rise of 2.5%.

President Trump said late yesterday that "the dollar is getting too strong" and he would prefer the Fed keep interest rates low. The statement, which came in a Wall Street Journal interview, reiterated comments made by Trump and Treasury Secretary Steven Mnuchin in February calling into question the so-called strong dollar policy that has dominated U.S. trade for two decades.

The dollar came under immediate pressure after the interview was released, supporting gold and other commodities denominated in it for international trade by making them less expensive overseas. The buck rebounded later in today's session, however, in part because of improving consumer sentiment data in March.

Gold received safe-haven bids from uncertainty surrounding the upcoming presidential election in France. Both Jean-Luc Melenchon of the far-left and Marine Le Pen of the far-right have been rising in the polls. Both are calling for Frexit, or a French exit from the EU, which would deliver a possibly mortal blow to the euro.

Falling wholesale inflation also supported gold by decreasing pressure on the Fed to raise interest rates. Producer Prices fell 0.1% in March for the first decline since last August.

The other precious metals were mostly higher, with silver adding 1.2% for a weekly rise of 2%. Platinum added 1% on the day and 1.3% on the week. Palladium slid 0.1% today and 0.9% this week.

At the Comex close: June gold gained $10.40 to $1,288.50; May silver rose 21 cents to $18.51; July platinum added $9.30, to $975.30; and June palladium dropped 40 cents to $795.90 an ounce.




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