AGE Daily Gold Update

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

1/17/2019: Gold dips on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.1% to close just above $1,292 as equities rallied on upbeat data and reports that the US may lift China tariffs, dimming demand for safe havens.

The Wall Street Journal reported that Treasury Secretary Steven Mnuchin has held a series of strategy meetings to consider removing tariffs against China. With the US and Chinese economies both suffering under the extended trade conflict, the White House is looking for ways to advance stalled negotiations and procure concessions from the Chinese government.

The news stoked risk appetite, lifting to Dow to gains of 0.5% and the S&P 500 0.50%. Investors were already energized by positive US economic data. Jobless claims fell in mid-January to a five-week low, although more furloughed federal employees sought assistance. And the Philly Fed region saw manufacturing rebound strongly this month, with new order rising by the most in six months.

The dollar traded virtually flat while Treasury yields turned higher after the Philly Fed release.

The other precious metals were mixed, with silver falling 0.7% while platinum and palladium rose 0.5% and 2.3%, respectively.

At the Comex close: February gold dipped $1.50 to $1,292.30; March silver lost 10 cents to $15.54; April platinum added $4.40, to $812.30; and March palladium climbed $29.70 $1,348.20 an ounce.

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