AGE Daily Gold Update

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

1/10/2019: Gold slides as stocks, dollar rise

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.4% to close under $1,288 as stocks and the dollar edged higher, pressuring alternative stores of value. The metal had risen as high as $1,298 in intraday trading.

With little economic data released today, Wall Street edged slightly higher as investors digested upbeat comments from the Trump administration about trade talks with China. After a three-day meeting that ended yesterday, China has reportedly agreed to purchase more agricultural and manufacturing products from the US to help balance the trade deficit. The Dow and S&P 500 both picked up 0.3%.

Rebounding from a three-month low, the dollar rose 0.3% against major rivals after the pound and euro weakened on reports that Britain's Labor Party is pushing to delay Brexit beyond its March 29 deadline. Confusion over the course of Britain's departure from the EU has created economic headwinds for the UK and Eurozone.

Meanwhile, Fed Chair Jerome Powell reiterated his dovish position that the Fed is "watching and waiting" to see how the economy performs before raising interest rates again. He added that the central bank is likely to step back from its forecast of two hikes this year unless the outlook for growth is "very strong."

The other precious metals were mixed, with silver dropping 0.6% while platinum and palladium added 0.1% and 0.3%, respectively.

At the Comex close: February gold slid $4.60 to $1,287.40; March dropped nine cents to $15.64; April platinum added 80 cents, to $826.10; and March palladium picked up $3.80 to $1,273.20 an ounce.