Questions? Call 1-800-613-9323
BBB Logo
Free Shipping on Orders over $999
Home > Gold > Daily Gold Update

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


9/16/2019: Gold jumps after Saudi oil attack

Source: Bill Musgrave, American Gold Exchange

Austin — Gold jumped 0.8% to close above $1,511 after an attack on Saudi Arabian oil production drove worries of escalating Middle East tension, causing crude prices to skyrocket and investors to flee for safe havens.

Drone attacks over the weekend crippled two Saudi oil facilities that account for 5% for the world's supply. While responsibility was reportedly claimed by Yemen's Iran-aligned Houthi group, US officials blamed Iran itself. President Trump tweeted that the US is "locked and loaded" to retaliate.

Crude initially surged more than 20% on the supply shock, prompting President Trump to authorize the release of US emergency crude reserves. Although the move quelled panic, West Texas Intermediate crude still surged 14% to more than $62.50 per barrel for its biggest daily gain in a decade. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The dollar and US Treasury prices both rose with gold on safe-haven demand while Wall Street fell. The Dow and Global Dow both lost 0.5%, with greater losses stopped by rallying energy shares.

The other precious metals were mixed, with silver rallying 2.6% while platinum and palladium slid 1.4% and 0.5%, respectively.

At the Comex close: December gold gained $12 to $1,511.50; December silver rose 46 cents to $18.03; October platinum fell $13 to $939.20; and December palladium dropped $8.70 to $1,592.20 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