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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.


August 18: Gold dips 0.1% after breaking $1,300

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold dipped 0.1% to close under $1,292 as traders took profits from a strong intraday rise. After pushing above $1,300 for the first time this year, the metal reached as high as $1,306.90 mid-session before retreating in the wake of the White House announcement that Steve Bannon will leave his position as President Trump's chief strategist.

Turmoil in the Trump administration and yesterday's terrorist attack in Barcelona helped push gold well-above critical resistance at $1,300 early in the session. Following a wave of resignation from his advisory councils by CEOs, President Trump disbanded the groups altogether this week, stoking concerns that his pro-business agenda would further stall.

Ironically, new personnel turmoil reversed today's flight to safety. Widely considered a divisive figure who pulled Trump toward extreme positions, Bannon's departure was seen by traders as clearing the way for the president to focus on growing the economy through tax reform and infrastructure programs.

Stocks and the dollar bounced off session low immediately following the Bannon news, while gold and Treasury bonds pulled back. Also pressuring safe havens, consumer sentiment climbed to a 13-year high in August, as tracked by the University of Michigan index.

The other precious metals were mixed, with silver dropping 0.3% while platinum and palladium gained 0.1% each.

At the Comex close: December gold dipped 80 cents to 1,291.60; September silver dropped 5 cents to $17.00; October platinum picked up 70 cents to $982.40; and September palladium added 95 cents, to $927.10 an ounce.




August 17: Gold gains 0.7% on safe-haven inflows

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Extending its rally, gold gained 0.7% to close above $1,294 as a dovish rate outlook from the Fed combined with worries over the Trump administration's ability to execute its pro-growth agenda, driving investors into safe havens.

Yesterday's release of minutes from the Federal Reserve's July meeting underscored concerns about low inflation, with an increasing number of members advocating a slower approach to future rate hikes. Worries about whether President Trump can enact policies to boost growth, given recurrent turmoil in the White House and a fractious Congress, also surfaced in the meeting.

CME FedWatch, which tracks Fed fund futures to gauge the probability of future hikes, dropped the odds of another rate increase this year to just 40%, down from 47% two days ago. Lower rates weigh on the dollar, supporting gold and other commodities priced in it for international trade by making them less expensive to users of other currencies.

Fallout from the President's controversial statements following the riots in Charlottesville also boosted demand for gold after he disbanded his major business advisory panels in response to a wave of resignations by CEO-members. Traders view the break with business leaders as further undermining his pro-business agenda.

The other precious metals also rose, with silver and platinum booth adding 0.7%. Palladium jumped 1.8% to more than a 16-year high on growing global supply concerns.

At the Comex close: December gold gained $9.50 to $1,292.40; September silver added 11 cents, to $17.05; October platinum picked up $7.20 to $981.70; and September palladium jumped $15.95 to $926.15 an ounce.




August 16: Gold gains on political turmoil, Fed minutes

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold gained 0.3% to close just under $1,283 after political turmoil in the White House boosted demand for safe havens. The metal then doubled its rise after hours, pushing above $1,289 in electronic trade after dovish minutes from the July Fed meeting put the timing of future rate hikes in doubt.

President Trump abruptly disbanded two advisor panels of business leaders today after a wave of CEOs resigned in protest over his comments about the deadly conflict in Charlottesville. The unexpected break with the business community raised new questions about the administration's ability to enact its pro-business agenda, including tax cuts and infrastructure spending, in a timely fashion.

The minutes from the Fed's July meeting, released late in the day, showed senior members suggesting that the central bank "could afford to be patient" about future rate hikes because of persistently low inflation. Some members also said the struggles by the White House to enact policies to boost the economy may also slow rate hikes.

The dollar lost 0.3% after the Trump announcement and dovish Fed minutes, supporting gold and other commodities priced in it for international trade by making them less expensive overseas. Treasury prices rose by the most in three weeks as investors shifted into safe havens.

The other precious metals were also higher, with silver jumping 1.4% while platinum and palladium picked up 0.7% and 2%, respectively.

At the Comex close: December gold gained $3.20 to $1,282.90; September silver rose 23 cents to $16.94; October platinum rose 7.10 to $974.50; and September picked up $18.15 to $910.20 an ounce.




August 15: Gold falls 0.8% on easing tensions, data

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold fell 0.8% to close under $1,280 as upbeat U.S. economic data boosted the dollar and receding tensions with North Korea reduced demand for safe havens.

Retail sales jumped in July by the most in seven months, driven by discretionary spending and car sales, and building momentum for GDP growth in the third quarter. Manufacturing surged in the New York Fed region to the highest level in three years, and import prices ticked slightly higher behind rising energy costs.

Meanwhile, North Korea backed off its threat to attack Guam, de-escalating tensions in the region and taking some of last week's safe-haven premium out of precious metals. Saber-rattling between Pyongyang and Washington boosted gold to a nine-week above $1,290 high last week as investors sought safety.

The dollar added 0.4% against major rivals as the upbeat data raised the likelihood that the Fed may hike rates one more time this year. CME FedWatch now puts the odds of a December hike at 49%, up from 42% one week ago. Higher rates support the dollar by attracting forex monies seeking higher yield, pressuring gold by making it more expensive to overseas buyers.

The other precious metals also fell, with silver plunging 2.4% while platinum and palladium lost 0.8% and 0.7%, respectively.

At the Comex close: December gold fell $10.70 to $1,279.70; September silver plunged 41 cents to $16.71; October platinum dropped $7.50 to $967.40; and September palladium lost $6.10 to $892.05 an ounce.




August 14: Gold slips on profit-taking, risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold slipped 0.3% but held above $1,290 as North Korea fears receded and traders took profits from last week's 2.3% rise.

Dialing back the warlike rhetoric, the Trump administration said over the weekend that it is seeking a diplomatic solution to the threat of nuclear weapons in North Korean.

The shift in tone relieved global tensions and revived risk appetite among investors who had fled to safe havens last week. The Dow and S&P 500 rallied around 0.7% and 1%, respectively, while the Global Dow added 07%.

The dollar also bounced higher, picking up 0.3% against major rivals, as traders shifted out of safe-haven currencies like the yen and Swiss franc. A stronger dollar pressures gold and other commodities priced in it for international trade by making them more expensive overseas.

Gold was also pressured by a 2% plunge in oil prices after data showed increased production from OPEC members and US shale-oil producers. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

In a bullish signal, hedge funds and money managers raised their long positions on Comex to nearly a two-month high last week, marking four straight weeks of net increases.

The other precious metals were mixed, with silver and palladium adding 0.3% and 0.5$, respectively, while platinum lost 1.5%.

At the Comex close: December gold slipped $3.60 to $1,290.40; September silver added 5 cents, to $17.12; October platinum lost $14.80 to $974; and September palladium gains $3.45 to $898.15 an ounce.




August 11: Gold rises on CPI, North Korea

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold rose 0.3% to close at a 9-week high of $1,294 as weak U.S. inflation combined with ongoing geopolitical risk to drive investors into alternative assets. The metal gained 2.3% on the week for its biggest weekly increase since April.

Consumer prices were soft in July, with the CPI rising just 0.1% for an annualized rate of 1.7%. The low reading marked five straight months of weak inflation and raised new questions about whether the Fed will realize its 2% target.

The dollar rolled back 0.4% against major rivals as traders speculated that weak inflation will prevent the Fed from raising interest rates later this year. Higher rates would boost the buck by attracting foreign exchange investment searching for higher yields. A softer dollar supports gold and other commodities priced in it for international trade by making them less expensive overseas.

Tensions remained high between North Korea and the US after President Trump upped the ante by tweeting that "military solutions are now fully in place, locked and loaded." In recent days, Trump has signaled the possible use of nuclear weapons to prevent aggression from the rogue nation against Guam.

Treasury yields slipped again, extending losses to five days, as geopolitical concerns push investors into safe-haven assets. The VIX volatility index, widely known as Wall Street's fear gauge, posted its biggest weekly surge in two years.

The other precious metals were mixed. Silver traded nearly flat, edging barely higher to gain around 5% this week. Platinum added 0.4% for a weekly rise of 2.1%. Palladium slipped 0.3% today but climbed 2.3% on the week

At the Comex close: December gold gained $3.90 to $1,294; September silver added a half-cent, at $17.07; October platinum rose $3.80 to $989.70; and September palladium dipped $2.35 to $894.70 an ounce.




August 10: Gold gains 0.8% on geopolitical fears

Source: Bill Musgrave, American Gold Exchange

Austin -- Extending yesterday's 1.3% rally, gold jumped another 0.8% to close at a two-month high over $1,290 as escalating tensions with North Korea drove investors into safe-haven assets. Silver added another 1.3% to yesterday's 3% surge.

President Trump amplified his apocalyptic warning to North Korea today, refusing to count out a pre-emptive nuclear strike and saying the rogue nation should be "very, very nervous." These statements came after Pyongyang threatened Guam with a missile strike, provoking the President to threaten retaliation with "fire and fury like the world has never seen."

Markets reeled from the saber-rattling as investors eschewed risk, knocking the S&P 500 1.4% lower for its biggest one-day drop in nearly three months. The CBOE Volatility Index, the so-called fear gauge, jumped to a nearly a nine-month high.

US wholesale inflation fell in July for the first time in eleven months, adding to speculation that the Fed may be disinclined to raise rates again this year. Several Fed officials have recently citing weak inflation as a reason to keep rates steady in coming months.

The dollar slipped 0.1% against major rivals, supporting gold and other commodities denominated in it for international trade by them less expensive overseas. Treasury yields also fell as investors poured in the safety of government bonds.

The other precious metals also gained, with platinum and palladium picking up 1% and 0.6%, respectively.

At the Comex close: December gold gained $10.80 to $1,290.10; September silver rose 20 cents to $17.07; October platinum climbed $9.80 to $985.90; and September palladium added $5.20, to $897.05 an ounce.




August 9: Gold surges 1.3% on North Korea tensions

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold surged 1.3% to close above $1,279, notching its best one-day rise in three months, as escalating tensions between the US and North Korea drove investors into safe havens. Silver jumped 2.9% for its biggest daily gain since last September.

North Korea threatened to launch a missile strike against US bases is Guam today, ratcheting up the saber-rattling after President Trump warned Kim Jon Un yesterday that further threats against the US would result "fire and fury like the world has never seen."

The dollar slid against the Swiss franc and Japanese yen, which are traditional seen as safe-haven currencies. Stocks and Treasury yields also fell as investors shifted to into safety.

Gold was further supported by dovish statements about interest rates from two prominent Fed members. Charles Evans of the Chicago Fed and James Bullard of the St. Louis Fed separately said rates are fine where they are. Bullard warned the Fed could be too aggressive by hiking again this year. Evans said the central bank should be "very careful" about future increases, and low inflation has him leaning away from another one this year.

The other precious metals were mostly higher, with silver jumping 2.9% and platinum adding 0.2% while palladium slid 0.7%.

At the Comex close: December gold surged $16.70 to $1,279.30; September silver jumped on 47 cents to $16.86; October platinum added $1.60, to $$976.10; and September palladium slid $6.55 to close at $891.85 an ounce.




August 8: Gold dips 0.2% on dollar rebound

Source: Bill Musgrave, American Gold Exchange

Austin, TX -- Gold dipped 0.2% to close under $1,263 as the dollar perked up on positive jobs data, reducing demand for alternative stores of value.

The Labor Department reported today that the number of job openings in the U.S. jumped to a record high in June. The so-called JOLTS index, a metric favored by Fed Chair Janet Yellen, showed job openings increased by the most in nearly two years, driven by a lack of qualified workers.

The dollar rose 0.3% in response to the jobs data as traders speculated that a tightening job market may eventually boost wages and support another rate increase from the Fed. A rising dollar weighs on gold and other commodities priced in it for international trade by making them more expensive overseas.

Weak wage growth has fueled worries about consumer spending, which comprises more than 70% of the economy. These fears were underscored today by a Fed report that American consumers have piled up more than $1 trillion in credit card debt as of June, a new record. In addition, the New York Fed reported separately that collective household debt reached record high of nearly $12.75 trillion in March. Combined with meager wage growth, high debt levels are expected to weigh on future spending and therefore GDP growth.

The other precious metals finished higher, with silver adding 0.8% while platinum and palladium picked up 0.3% and 1.5%, respectively.

At the Comex close: December gold dipped $2.10 to $1,262.60; September silver gained 14 cents to $16.39; October platinum added $2.90, to $974.50; and September palladium rose $13.20 to $898.40 an ounce.




August 7: Gold edges slightly higher

Source: Bill Musgrave, American Gold Exchange

Austin -- Gold edged slightly higher, adding 10 cents to close at $1,264.70, as the dollar flattened after Friday's uptick behind solid payrolls data. Dovish comments on interest rates from a pair of Fed members also underpinned gold prices despite falling oil prices and rising equities.

The dollar wobbled between mild gains and losses, pressured by a strengthening euro as traders speculated that the ECB may begin to taper quantities easing in the coming months. The shared currency has now gained 12% against the dollar this year.

The buck had bounced off 15-month lows last week, hammering gold, after Friday's report that U.S. nonfarm payrolls added 209,000 jobs in July, which pushed unemployment down to a 16-year low of 4.3%. Traders saw the improved job numbers as potentially supporting another rate increase from the Fed this year. Higher rates pressure gold by boosting the dollar, making dollar-denominated commodities more expensive to users of other currencies.

A pair of prominent Fed members pushed back against the need for another rate hike, however. Separately, Neal Kashkari of the Minneapolis Fed and Fred Bullard of the St. Louis Fed said today that the jobs report does nothing to strengthen the need for higher rates, and that current the levels are appropriate until inflation rises above the Fed's target 2%.

Capping gold's gains, the Dow inched higher toward its ninth straight record close, boosted by solid earnings and the upbeat jobs report. And oil prices fell 0.5% as output rose in Libya's largest oil fields. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were mostly higher, with silver slipping 0.1% while platinum and palladium rose 0.3% and 1.2%, respectively.

At the Comex close: December gold added 10 cents, to $1,264.70; September silver dipped a cent to $16.25; October platinum picked up $2.60 to $971.60; and September palladium gained $10.40 to $885.20 an ounce.




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