AGE Daily Gold Update

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

11/15/2019: Gold dips, posts weekly rise

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.3% to close under $1,469 as renewed trade optimism fueled appetite for equities despite soft US data, depressing demand for safe havens. The metal still posted a weekly rise of 0.4%.

White House economic adviser Lawrence Kudlow said late yesterday that the US and China are "making very good progress" on the so-called "phase one" trade deal, which would roll back tariffs on Chinese imports in exchange for China committing to the purchase of US farm products.

While details remain uncertain and prospects for the much-hyped agreement seem to change daily, the markets seized on the renewed optimism to propel the three major US stock indexes to new record highs. The Dow, S&P 500, and Nasdaq all rose more than 0.7%.

The uptick in risk appetite came despite some net-negative US economic data. Industrial output fell 0.8% in October, the most since May 2018, as the trade war continues to weigh on manufacturing and exports. The Empire State manufacturing index, considered a weathervane for national business conditions, fell again in November, marking six straight months of weak readings.

On the upside, retail sales edged up 0.3% in October after falling in September. But excluding cars and gasoline, the rise was a disappointing 0.1%, suggesting possible spillover from the slowdown in other sectors. Consumer spending accounts for 70% of GDP.

The Atlanta Fed downgraded its fourth-quarter forecast for real GDP growth, or expansion beyond inflation, to just 0.3%.

The other precious metals were mixed on the day and week. Silver dropped 0.5% today but rose 0.7% this week. Platinum jumped 1.2% for a weekly rise of 0.2%. Palladium fell 1.2% on the day and 1.5% on the week.

At the Comex close: December slipped $4.90 to $1,468.50; December silver slid 8 cents to $16.95; January platinum gained $11.70 to $894.50; and December palladium declined $19.60 1.2% to $1,682.50 an ounce.