AGE Daily Gold Update

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

2/14/2020: Gold rises to two-week high

Source: Bill Musgrave, American Gold Exchange

Austin — Gold added another 0.5% to close at a two-week high above $1,586 as coronavirus worries and soft US data boosted demand for safe-haven assets. The metal posted a weekly rise of 0.8%.

Chinese authorities reported more than 5,000 new cases and 121 new deaths as the deadly coronavirus, now known as COVID-19, continued to rattle markets. The Dow slipped 0.2% and the Global Dow 0.6%.

US economic data added to risk-off sentiment Retail sales were weaker than expected in January, calling into question whether consumer spending can continue to be the primary support of the economic expansion. While overall sales rose 0.3%, the core number used to calculate GDP showed no increase.

Industrial production fell for the fourth time in five months, adding to the woes of the beleaguered manufacturing sector. Supply-chain disruptions because of COVID-19 are expected to further hamper a rebound.

One the plus side, consumer sentiment rose to a 15-year high in January, according to the University of Michigan survey, with Americans feeling good about record-high stock markets and low unemployment.

US Treasurys rallied alongside gold on flights to safety, driving down yields on benchmark 10-year notes.

The other precious metals were mixed for the day and week. Silver added 0.7% today for a weekly rise of 0.2%. Platinum dropped 0.6% today and less than 0.1% this week. Palladium dropped 1.5% today but gained 4.8% this week.