AGE Daily Gold Update

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

1/17/2020: Gold rises to another weekly win

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained 0.6% to close above $1,560 as mixed US economic data bolstered safe-haven demand despite rises in stocks and the dollar. The metal edged 20 cents higher for the week, posting its sixth straight weekly win.

US industrial output dropped 0.3% in December, its third decrease in four months, as trade wars continued to take their toll. For the fourth quarter overall, the decline was 0.5%. While manufacturing ticked up 0.2% for the month, it fell 1% for the quarter.

Consumer sentiment slipped in January, according to the University of Michigan survey, while inflation expectations rose to 2.5% for the upcoming year.

On the plus side, permits for new home construction rose nearly 17% last month and homebuilder confidence held near the highest level since 1999.

Providing headwinds to further gold gains, Wall Street and the dollar crept higher, mostly on optimism about the newly signed trade deals with Mexico and China. The Dow added 0.1% while the S&P 500 and Nasdaq picked up 0.2%. The dollar rose 0.3% major rivals.

The other precious metals were higher for the day and mixed for the week. Silver climbed 0.8% today but slipped 0.2% for the week. Platinum gained 2.4% toady and 3.9% this week. Palladium, fueled by supply deficits and growing demand for auto catalytic converters, jumped another 2.2% for a weekly rise of 7%.

At the Comex close: February gold gained 9.80 to $1,560.30; March silver added 13 cents, to $18.07; April platinum rose $23.60 to $1,024.80; and March palladium climbed another $47.10 to $2,224.90 an ounce, another record.