AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.
11/12/2019: Gold slips on trade pact hopes
Source: Bill Musgrave, American Gold Exchange
Austin — Gold slipped 0.2% to close at a three-month low under $1,454 as optimism about a US-China trade agreement boosted stocks and the dollar, undercutting alternative assets.
In a speech at the Economic Club of New York, President Trump said today that a trade deal "could happen soon" between the US and China. He offered no further clues about the date or location of the signing of the so-called "phase one" pact.
While no new details were offered, the suggestion that the 17-month-old trade war could subside was enough to lift appetite for riskier assets. The S&P 500 added 0.2% while the tech-heavy Nasdaq rose 0.3%.
The dollar gained 0.2% against major rivals as safe-haven currencies like the yen and Swiss franc retreated. A stronger dollar weighs on gold and other commodities priced in it for global trade by making them more expensive on other currencies.
The other precious metals were mostly lower, with silver and platinum sliding 0.7% and 1.2%, respectively, while palladium rose 0.9%.
At the Comex close: December gold slipped $3.40 to $1,453.70; December silver dropped 11 cents to $16.69; January platinum lost $10.70 to $869.90; and December palladium rose $14.10 to $1,670.10 an ounce.
AGE Gold Commentary
After breaking out to a 6-year high of $1,560 in September, gold is consolidating gains of 14% for the year, its best since 2010 ... read more