AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.
5/7/2019: Gold rises on safe-haven demand
Source: Bill Musgrave, American Gold Exchange
Austin — Gold rose for a second sessions, adding 0.1% to close near $1,296, as US-China trade jitters pressured equities and boosted demand for safe havens.
US Trade Representative Robert Lighthizer confirmed that tariffs will increase from 10% to 25% on $200 billion in Chinese goods by Friday if China does not come around in trade talks.
US equities fell sharply, with the Dow losing 1.8% and Nasdaq 2%, as investors fear a bull-blown trade war. US Treasury's rallied for a second day on flights to safety, pushing yields to a five-week low. The dollar was little changed.
Also pressuring risk appetite, the US deployed four B-52 bombers the Middle East in response to what the White House called threats of a possible attack by Iran on American troops in the region.
The other precious metals were mostly lower, with platinum and palladium sliding 0.9% and 0.4%, respectively, while silver was virtually flat.
At the Comex close: June gold added $1.80, to $1,285.60; July silver was virtually unchanged at $14.93; July platinum lost $7.50 to $873.40; and June palladium dropped $4.70 to $1,323.40 an ounce.
AGE Gold Commentary
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