AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.
5/8/2019: Gold slips late in session
Source: Bill Musgrave, American Gold Exchange
Austin — Gold slipped 0.3% to close under $1,282, ending a three-day win streak as stocks and the dollar traded higher, dulling demand for alternative assets. The metal rallied above $1,292 midday before succumbing to profit-taking.
Wall Street was broadly higher for much of the session, with the Dow up more than 100 points midday, as traders shrugged off problems with trade negotiations between the US and China. All three main indexes surrendered those gains late in the day as escalating tariff-tensions became too much to ignore.
A White House document released today declared that China has backtracked on "specific commitments agreed to in earlier rounds" of talks. As a result, tariffs on $200 billion in Chinese goods will increase from 10% to 25% on Friday. China responded by saying it would retaliate with additional levies against US goods.
The dollar added 0.1% as weakness in the yuan, pound and euro were nearly offset by gains in safe-haven rivals like the yen and Swiss franc. A stronger dollar pressures gold and other commodities by making them more expensive overseas.
The other precious metals were also lower, with silver dropping 0.4% while platinum and palladium lost 1% and 1.3%, respectively.
At the Comex close: June gold slipped $4.20 to $1,281.40; July silver dropped 6 cents to $14.86; July platinum lost $9 to $864.40; and June palladium fell $17 to $1,306.40 an ounce.
AGE Gold Commentary
Gold has been on a tear, breaking out above $1,500 and hitting a series of a new six-year highs as slowing global growth ... read more