AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.
5/17/2019: Gold lower for day, week
Source: Bill Musgrave, American Gold Exchange
Austin — Gold slid 0.8% to close at a two-week low under $1,276 after solid US economic data buoyed the dollar and reduced demand for alternative stores of value. The metal ended the week down 0.9%.
Consumer sentiment jumped to a 15-year high in May, according to the University of Michigan survey, as a strong job market and low inflation fueled confidence.
Separately, the Conference Board's survey of economic conditions rose in April for the third straight month, driven by upbeat consumer sentiment and rising stock markets. Soft manufacturing and the escalating trade war with China the primary concerns in an otherwise optimistic outlook.
The dollar rose 0.2% as the UK pound fell sharply on deepening Brexit gloom. Talks between PM Theresa May and Labor leader Jeremy Corbin to hammer out a compromise ended without an agreement. If Britain exits the EU with no trade agreement in place, the consequences are expected to be chaotic for the pound and euro.
The other precious metals were down for the day and week. Silver lost 1% for a weekly decline of 2.7%. Platinum tumbled 2.6% today and 5% this week. Palladium fell 1.4% for the session and 3.3% for the week.
At the Comex close: June gold slid $10.50 to $1,275.70; July silver dropped 15 cents to $14.39; July platinum lost $13.30 to $820.30; and June palladium fell $18.90 to $1,305.80 an ounce.
AGE Gold Commentary
Gold is climbing again, reacting to falling bond yields as the cost of money has become cheaper ... read more