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


7/15/2019: Gold edges up on rate view

Source: Bill Musgrave, American Gold Exchange

Austin — Extending last week's rise of nearly 1%, gold added another 0.1% to close at $1,413.50 despite falling oil and a slightly higher dollar. It was the metal's highest finish in nearly two weeks, buoyed by expectations that the Fed will cut interest rates this month.

West Texas Intermediate crude fell 0.8% to close under $60 per barrel after the impact of Hurricane Barry on Gulf Coast production was less harmful than feared. Oil jumped 4.7% higher last week behind storm worries, OPEC production caps, and growing tension between the US and Iran. Gold often trade in sympathy with oil as a hedge against energy-related inflation.

The dollar edged up less than 0.1% despite weakness in the euro, its primary rival, as forex markets tread water ahead of upcoming central bank meetings. The ECB is widely expected to signal a small reduction in interest rates when it meets later this month, while the Fed is universally expected to cut rates by at least a quarter-point.

Lower benchmark rates from central banks tend to undermine their currencies by making them less attractive to investors seeking higher yield. Alternative stores of value like gold and silver become more attractive, in turn, as hedges against currency devaluation.

The other precious metals were also higher, with silver rising 0.9% while platinum and palladium each gained 1.3%.

At the Comex close: August gold picked up $1.30 to $1,413.50; September silver climbed 13 cents to $15.37; October platinum added $10.60, to $845.20; and September palladium rose $20.50 to $1,562.90 an ounce.

  

Metal Ask      Change
Gold $2,235.81           Price Change Down Arrow $-2.68
Silver $25.08           Price Change Down Arrow $-0.06
Platinum $918.61           Price Change Down Arrow $-0.56
Palladium $1,051.50           Price Change Up Arrow $0.26
In US Dollars