AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

1/8/2019: Gold dips on rising risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.3% to close under $1,286 on profit-taking as rising risk appetite and a stronger dollar reduced demand for alternative assets. The metal had posted gains of 5% over the past five weeks.

US equities moved sharply higher, with all three major indexes posting 1% gains, as traders grew hopeful that China and the US may reconcile trade differences. Negotiations between representatives of the world's two largest economies have entered a second day, with President Trump tweeting that talks are going well.

The dollar bounced 0.3% higher as the euro and UK pound both fell on concerns about Brexit. With 80 days left until Britain breaks from the EU, little headway has been made in garnering support for PM Theresa May's plan for departure, scheduled for a Parliamentary vote on January 15. A so-called hard Brexit, with no trade provisions in place, would be damaging to all European economies.

The other precious metals were mostly lower, with silver and platinum sliding 0.3% while palladium rose 1.3%.

At the Comex close: February gold on Comex dropped $4 to $1,285.90; March silver slipped 4 cents to $15.71; April platinum fell $2.50 to $821.80; and March palladium gained $21.40 to $821.80 an ounce, another record close.