AGE Daily Gold Update

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

1/7/2020: Gold gains for tenth session

Source: Bill Musgrave, American Gold Exchange

Austin — Gold added another 0.4% to close above $1,574, the highest level since April 2013, as Middle East jitters drove demand despite upbeat US data and a stronger dollar. It was the metal's tenth straight winning session, it's longest streak of gains in two years.

Uncertainty over the consequences of the Trump administration's targeted killing of Iranian General Qassem Suleimani last week continued to dominate the markets. The Dow fell 0.4% and the Global Dow 0.3% as risk-off sentiment prevailed.

A senior official in Tehran said 13 scenarios are being weighed for revenge, while the US Secretary of Defense contradicted an earlier statement that the US would begin pulling out of Iraq.

But with no immediate retaliation from Iran, the threat of a new war in the Middle East appeared to recede, lifting the dollar 0.3% against major rivals as safe-haven currencies like the yen and Swiss franc pulled back.

The buck was also supported by reports that the US trade deficit fell in November and the services sector expanded in December

The other precious metals were also higher, with silver and palladium rising 1.2% while platinum picked up 0.6%.

At the Comex close: February gold gained $5.50 to $1,574.30; March silver rose 21 cents to $18.39; April platinum added $5.40, to $971.60; and March palladium climbed by $24.70 to $2,014.30 an ounce, a new record.