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


8/2/2022: Gold rises on Taiwan tensions

Source: Bill Musgrave, American Gold Exchange

Austin — Gold added 0.1% to close near $1,790 despite a dollar rebound as tension with China and concerns about recession lifted safe-haven assets. It was the metal’s fifth straight higher finish, the most in nearly four months.

House Speaker Nancy Pelosi visited Taiwan today, prompting threats from Beijing and raising the temperature on simmering tensions between China and the US. It is the first visit by a high-ranking US politician since then-Speaker Newt Gingrich in 1997.

Following yesterday’s disappointing US manufacturing data and weak global PMI reports, investors grew nervous that any escalating conflict between the world’s two largest economies will further damage global growth.

The Dow and Global Dow fell 1% on the risk-off sentiment.

Capping gold’s gains, the dollar rose 0.7% against major rivals as currency trader shifted toward the perceived safety of the greenback. A stronger dollar pressures gold and other commodities by making them pricier in other currencies, limiting overseas demand.

The other precious metals were mixed, with silver and palladium dropping 0.3% and 5%, respectively, while platinum rose 0.4%.

At the Comex close: December gold rose $7.90 to $1,789.70; September silver dropped 6 cents to $20.14; October platinum added $3.40, to $905; and September palladium lost $109.20 to $2,090.20 an ounce.

  

Metal Ask      Change
Gold $2,216.24           Price Change Up Arrow $15.45
Silver $24.81           Price Change Down Arrow $-0.01
Platinum $907.83           Price Change Down Arrow $-2.53
Palladium $1,039.25           Price Change Up Arrow $10.66
In US Dollars