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


1/18/2019: Gold drops on China trade news

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dropped 0.8% to close under $1,283 after news of a breakthrough in US-China trade negotiations boosted equities and the dollar, reducing demand for alternative assets. The metal lost 0.5% for the week, notching its first weekly decline since early December.

China has reportedly offered to reduce its trade surplus with the US to zero by 2024, buying more than $1 trillion in additional goods over six years. The potential deal, which has not been acknowledged by the US Treasury, would do nothing to redress the important US complaints about Chinese violations of intellectual property.

Wall Street soared on the prospect of a trade treaty, with the Dow and S&P 500 jumping 1.3% each. Treasury yields also rose as investors shifted away from safe havens in favor or risk assets. The dollar added 0.3% against major rivals, pressuring gold and other commodities priced in it for global trade by making them more expensive overseas.

The other precious metals were lower for the day and mixed for the week. Silver fell 0.9% for a weekly loss of 1.6%. Platinum lost 1.3% for the day and 1.6% for the week. Palladium surrendered 1% but still rose 4.4% this week.

At the Comex close: February lost $9.70 to $1,282.60; March silver slid 14 cents to $15.40; April platinum dropped $10.20 to $802.10; and March palladium fell $13.10 to $1,335.10 an ounce.


1/17/2019: Gold dips on risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.1% to close just above $1,292 as equities rallied on upbeat data and reports that the US may lift China tariffs, dimming demand for safe havens.

The Wall Street Journal reported that Treasury Secretary Steven Mnuchin has held a series of strategy meetings to consider removing tariffs against China. With the US and Chinese economies both suffering under the extended trade conflict, the White House is looking for ways to advance stalled negotiations and procure concessions from the Chinese government.

The news stoked risk appetite, lifting to Dow to gains of 0.5% and the S&P 500 0.50%. Investors were already energized by positive US economic data. Jobless claims fell in mid-January to a five-week low, although more furloughed federal employees sought assistance. And the Philly Fed region saw manufacturing rebound strongly this month, with new order rising by the most in six months.

The dollar traded virtually flat while Treasury yields turned higher after the Philly Fed release.

The other precious metals were mixed, with silver falling 0.7% while platinum and palladium rose 0.5% and 2.3%, respectively.

At the Comex close: February gold dipped $1.50 to $1,292.30; March silver lost 10 cents to $15.54; April platinum added $4.40, to $812.30; and March palladium climbed $29.70 $1,348.20 an ounce.

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1/16/2019: Gold gains on Brexit turmoil

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained 0.4% to close near $1,294 as Brexit turmoil and rising oil prices boosted demand for alternative assets.

The British Parliament overwhelmingly rejected PM Theresa May's plan for Brexit yesterday, throwing the future of UK-EU trade into chaos. Losing by 230 votes, May's long-negotiated agreement suffered a historic defeat, one that potentially places her government in jeopardy.

Meanwhile, the US government shutdown is beginning to take its toll on investor confidence and the economic outlook. The White House has doubled its projections of how much GDP will be reduced by the closures, now into the 26th day.

The Fed's Beige Book reported "many" of its districts have become less optimistic about the economy, citing political uncertainty, trade conflicts, rising interest rates, and rising volatility in financial markets. Eight of the 12 district reported modest to moderate growth; two were flat and two more reported slower growth.

Wall Street pushed higher, with major indexes hitting one-month highs on strong earnings from major banks like Goldman Sachs and Bank of America. The Dow picked up 0.6% while the S&P 500 and Nasdaq added around 0.2%.

Oil rallied 0.5% to close above $52 per barrel after the government reported that US crude supplies fell for the second week. Gold often trade in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also higher, with silver adding 0.1% while platinum and palladium rose 1% and 3.2%, respectively.

At the Comex close: February gold for delivery gained $5.40 to $1,293.80; March silver added 2 cents, cents, to $15.64; April platinum climbed $7.80 to $807.90; and March palladium jumped $41.40 to $1,318.50 an ounce for its eighth record finish in nine sessions.


1/15/2019: Gold dips on risk rally

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slipped 0.2% to close under $1,289 as dovish Fed comments and promises of stimulus in China fueled a rally in risk assets, cutting demand for safe havens.

China announced it will take strong measures to boost its flagging economy. The People's Bank of China plans to add stimulus through additional lending to small businesses. And the Ministry of Finance has pledged to cut taxes and increase infrastructure spending,

Wall Street bounced higher, with the S&P 500 adding 1% and the tech-heavy Nasdaq jumping 1.7%, as news of the stimulus measures stoked risk appetite despite soft earnings reports from the US financial sector.

Also supporting equities, Fed officials from both ends of the spectrum converged today in asserting that the central bank should stop raising interest rates. George of the Kansas City Fed, typically among the most hawkish of Fed members, said slowing global growth and weakening inflation are good reasons to pause rate hikes.

Separately, Neal Kashkari of the Minneapolis Fed said wage, job, and inflation data all point to stopping rate hikes. Kashkari is considered one of the most dovish Fed members. Futures markets predict only one rate hike in 2019, down from four in 2018.

US data released today underscored the point. Wholesale inflation as measured by the PPI fell 0.2% in December on cheaper gasoline. And the Empire State manufacturing index slid to its lowest reading in more than a year.

The dollar rose 0.4% against major rivals on rising risk appetite, weighing on gold and other commodities by making them more expensive overseas.

The other precious metals were also lower, with silver dropping 0.4% while platinum and palladium lost 0.3% and 0.4%, respectively.

At the Comex close: February gold dipped $2.90 to $1,288.40; March silver dropped 7 cents to $15.62; April platinum slid $2.40 to $800.10; and March palladium fell $4.90 to $1,277.10 an ounce.


1/14/2019: Gold edges up on China data

Source: Bill Musgrave, American Gold Exchange

Austin — Gold edged up 0.1% to close above $1,291 as stocks fell on weak China trade data and the dollar slipped, boosting demand for alternative assets.

Trade growth slowed in China last year, according to customs data released today, as the world's second-largest economy felt the bite of its tariff battle with the US. Chinese exports grew at 7.1%, down from 7.9% in 2017, while imports grew at 12.9%, down from 15.9%. Despite higher tariffs, China's trade surplus with the US rose to $323 billion in 2018, a new record.

The soft data knocked Asian equity markets lower, with the Hong Kong Hang Seng index plunging 1.2%. Wall Street was pressured it turn. The Dow fell 0.4% while the tech-heavy Nasdaq lost nearly 1%.

The dollar shed 0.1% against major rivals as the UK pound rallied ahead of tomorrow's vote on PM Theresa May's Brexit plan. The euro also edged up against the buck, and the safe-haven Japanese yen strengthened on risk-off sentiment.

The other precious metals were mostly higher, with silver and palladium adding 0.2% and 0.3%, respectively, while platinum dropped 1.9%.

At the Comex close: February gold picked up $1.80 to $1,291.30; March silver rose 3 cents to $15.69; April platinum lost $15.50 to $802.50; and March palladium gained $3.30 to $1,282, another record high.


1/11/2019: Gold rises for fourth straight week

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.2% to close just under $1,290 as stocks dipped and soft consumer inflation reinforced expectations that the Fed will curtail rate hikes in 2019. The metal picked up 0.3% this week for its fourth straight weekly win.

The Consumer Price Index fell 0.1% in December, its first decrease in nine months, as falling oil prices reduced energy and gasoline costs. The annual rate of inflation dropped from 2.2% to 1.9%, its first dip under 2% in 17 months. The core rate, stripping out food and energy, held at 2.2%.

The soft inflation reading gives the Fed more latitude in postponing or even ending future rate hikes, something that should prove bullish for gold this year. Consistently rising interest rates have supported the dollar over the past two years, creating substantial headwinds for the yellow metal by making it more expensive in other currencies.

Fed Chair Jerome Powell and other US central bankers signaled earlier in the week that slowing global growth, trade conflicts, and weakness in financial markets were giving them pause about further tightening in monetary policy, helping lift gold for the fourth straight week.

US equities slipped for the first time in five sessions, lending muted support to alternative assets, while the dollar picked up 0.1%.

The other precious metals mixed on the day and week. Silver added one cent today but lost 0.8% this week. Platinum fell 1% today and 1.1% this week. Palladium climbed another 0.4% for a weekly rise of 3.6%.

At the Comex close: February gold picked up $2.10 to $1,289.50; March silver added a penny, to $15.65; April platinum dropped $8.10 to $818; and March palladium rose $5.50 to $1,278.70 an ounce, another record close.


1/10/2019: Gold slides as stocks, dollar rise

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.4% to close under $1,288 as stocks and the dollar edged higher, pressuring alternative stores of value. The metal had risen as high as $1,298 in intraday trading.

With little economic data released today, Wall Street edged slightly higher as investors digested upbeat comments from the Trump administration about trade talks with China. After a three-day meeting that ended yesterday, China has reportedly agreed to purchase more agricultural and manufacturing products from the US to help balance the trade deficit. The Dow and S&P 500 both picked up 0.3%.

Rebounding from a three-month low, the dollar rose 0.3% against major rivals after the pound and euro weakened on reports that Britain's Labor Party is pushing to delay Brexit beyond its March 29 deadline. Confusion over the course of Britain's departure from the EU has created economic headwinds for the UK and Eurozone.

Meanwhile, Fed Chair Jerome Powell reiterated his dovish position that the Fed is "watching and waiting" to see how the economy performs before raising interest rates again. He added that the central bank is likely to step back from its forecast of two hikes this year unless the outlook for growth is "very strong."

The other precious metals were mixed, with silver dropping 0.6% while platinum and palladium added 0.1% and 0.3%, respectively.

At the Comex close: February gold slid $4.60 to $1,287.40; March dropped nine cents to $15.64; April platinum added 80 cents, to $826.10; and March palladium picked up $3.80 to $1,273.20 an ounce.


1/9/2019: Gold gains, extends on dovish Fed

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained 0.5% to close at $1,292 as the dollar slipped ahead of the release of minutes from the recent meeting of the Federal Reserve. The metal extended those gains in electronic trade, pushing above $1,294 after the minutes showed several members dissenting from the December rate hike.

While the Fed voted unanimously in December to raise rates for the fourth time last year, several members were resistant to the move, arguing that volatility in the financial markets and slowing global growth were reasons to wait and see. The members also said they saw little reason for many more hikes at all.

The dovish minutes reinforced the view that the tightening cycle is nearly at an end. Boston Fed Eric Rosengren said today that the Fed should stand pat, echoing opinions recently voiced by several other members of the FOMC.

A consistent pattern of near-quarterly hikes by the Fed over the past two years has been a main driver of strength in the buck, pressuring gold in turn by making it more expensive in other currencies. The end of rate hikes would reduce this headwind for the metal.

The dollar fell 0.6% against major rivals before the minutes and extended its losses afterward, dropping the ICE Dollar Index to a three-month low. The buck largely ignored reports that China-US trade talks have reached some tentative agreements that China will import more US agricultural items and manufactured goods.

Also supporting gold, oil rallied more than 4% close above $50 for the first time since mid-December. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also higher, with silver adding 0.1% while platinum and palladium rose 0.4% and 0.6%, respectively.

At the Comex close: February gold gained $6.10 to $1,292; March silver added 2 cents, to $15.74; April platinum rose $3.50 to $825.30; and March palladium rose $8 to $1,269.40, its fourth straight record close.


1/8/2019: Gold dips on rising risk appetite

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.3% to close under $1,286 on profit-taking as rising risk appetite and a stronger dollar reduced demand for alternative assets. The metal had posted gains of 5% over the past five weeks.

US equities moved sharply higher, with all three major indexes posting 1% gains, as traders grew hopeful that China and the US may reconcile trade differences. Negotiations between representatives of the world's two largest economies have entered a second day, with President Trump tweeting that talks are going well.

The dollar bounced 0.3% higher as the euro and UK pound both fell on concerns about Brexit. With 80 days left until Britain breaks from the EU, little headway has been made in garnering support for PM Theresa May's plan for departure, scheduled for a Parliamentary vote on January 15. A so-called hard Brexit, with no trade provisions in place, would be damaging to all European economies.

The other precious metals were mostly lower, with silver and platinum sliding 0.3% while palladium rose 1.3%.

At the Comex close: February gold on Comex dropped $4 to $1,285.90; March silver slipped 4 cents to $15.71; April platinum fell $2.50 to $821.80; and March palladium gained $21.40 to $821.80 an ounce, another record close.


1/7/2019: Gold gains on weak data, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained 0.3% to close just under $1,290 as the dollar fell further on weak US data and expectations that the Fed may pause rate hikes this year, boosting demand for alternative stores of value.

The ISM reported US service industries grew in December at the slowest pace in five months, weighed down by trade conflicts and difficulty in finding workers. The ISM manufacturing index, released last week, showed factory activity falling to the lowest level in more than two years.

The dollar dropped nearly 0.5% against major rivals as traders digested last week's dovish comments from Fed Chair Jerome Powell, who signaled that rate hikes might slow or end in 2019, depending on economic data. Consistent increases in interest rates have been a major support for the dollar over the past two years, pressuring gold in turn by making it more expensive in other currencies.

The other precious metals were mixed, with silver and platinum slipping 0.2% and 0.4%, respectively, while palladium added 0.5%.

At the Comex close: February gold gained $4.10 to $1,289.90; March silver dipped 3 cents to $15.76; April platinum eased $2.90 to $824.30; and March palladium rose $5.80 to $1,240.20, a new record close.

  

Metal Ask      Change
Gold $1,282.36           $0.00
Silver $15.41           $0.00
Platinum $800.51           $0.00
Palladium $1,386.54           $0.00
In US Dollars

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