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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.


1/16/2020: Gold dips on data, trade deals

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.2% but held above $1,550 after upbeat data and trade optimism lifted stocks and the dollar, undercutting demand for alternative assets.

The Philadelphia Fed manufacturing index jumped to an eight-month high in January, with increases in new orders and shipments, and improvement in overall business outlook. The report follows a stronger Empire State survey for January, leading investors to be hopeful that the national ISM survey might rebound, too, after falling into contraction for five straight months.

Retail sales rose 0.3% in December, with most retailers enjoying a strong holiday business. For the year, retail sales rose 5.8%, slightly below the 30-year average.

One day after the signing of the Phase One trade pact between the US and China, the Senate approved the US-Mexico trade agreement, sending it to President Trump for signature.

The improved trade outlook combined with the upbeat data to bolster risk appetite, sending all three major US stock indexes to new record highs. The Dow and S&P 500 rose 0.9% while the Nasdaq added 1.1%.

The dollar also gained ground, adding 0.1% against major rivals as havens currencies like the yen and Swiss franc were modestly weaker. A rising dollar pressures gold and other commodities by making them more expensive overseas.

The other precious metals were mostly lower, with silver and platinum dropping 0.3% and 2.4%, respectively, while palladium added 0.6%.

At the Comex close: February gold dipped $3.50 to $1,550.50; March silver shed a nickel to $17.94; April platinum dropped $24.40 to $1,001.20; and March palladium picked up another $12.70 to $2,177.80 an ounce.


1/15/2020: Gold rises with trade pact signing

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.6% to close at $1,554 as soft US economic data and lingering worries about trade with China undercut the dollar and boosted demand for safe-haven assets.

China and the US signed the long-awaited "Phase One" deal today, de-escalating the 18-month trade war that slowed both economies. Among other provisions, the pact stipulates that China will purchase another $200 billion in US factory, farm, and energy products and services over two years. In return, the US will reduce by half its 15% tariff on $120 billion in Chinese goods.

While the agreement has been hailed as a step in the right direction, investors remain worried that it does not address some of the fundamental sources of conflict between the two nations. Modest protections for US intellectual property are included, but little headway has been made structural reforms to level the playing field for US companies operating in China, or to eliminate the piracy of sensitive US technology—two main causes of the trade war.

Also worrying investors, high tariffs will remain in place on both sides. While China will lift 15% duties on autos imposed in December, it leaves untouched tariffs on nearly half of other US exports. And the US will continue to levy 25% tariffs on $260 billion in Chinese imports along with the 7.5% remaining on another $120 billion.

Separately, the Fed Beige Book showed the US economy expanding "modestly" during the final six weeks of 2019, as tariffs and trade uncertainty continued to pressure some Fed districts.

US Treasury bonds rallied alongside gold on flights to safety, pushing down yields. The dollar eased 0.2% against major rivals as haven currencies like the yen and Swiss franc gained strength. A falling dollar typically supports gold and other commodities by making them less expensive in other currencies.

The other precious metals were also higher, with silver gaining 1.4% while platinum and palladium jumped 3.9% and 2%, respectively.

At the Comex close: February gold rose $9.40 to $1,554; March silver added 25 cents, to17.99; April platinum climbed $38.30 to $1,025.60; and March palladium jumped $41.80 to $2,165.10 an ounce.


1/14/2020: Gold falls on trade optimism

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 0.4% to close under $1,545 after strong earnings from US banks and optimism from the pending trade deal with China reduced demand for haven assets.

With the US and China scheduled to sign a limited trade pact tomorrow, details began to emerge about the terms. China has agreed to purchase nearly $200 billion in additional manufactured goods, energy products, services, and farm goods over the next two years.

Equity markets cheered the news, driving the Dow over 29,000 early in the session and sapping interest away from assets like gold and silver. The rally was also fueled by stronger-than-expected earnings from JPMorgan and Citibank, which helped to fuel financials.

Risk appetite was checked later in the day, however, after the US announced it will keep tariffs in place on Chinese imports until after the 2020 presidential election. Stocks gave up their gains while gold pared some of its earlier losses, rising back to $1,547 in electronic trade after hours.

Consumer inflation rose 2.3% in 2019, the fastest rate since 2011, according to government reports. But inflation remains low by historical standards, leading most economists to speculate that the Fed will not raise interest rates in 2020.

The other precious metals were mixed, with silver falling 1.4% while platinum and palladium gained 0.5% and 2.1%, respectively.

At the Comex close: February gold dropped $6 to $1,544.60; March silver fell 25 cents to $17.74; April platinum added $5.20, to $987.30; and March palladium jumped $44.20 to $2,123.30 an ounce, yet another record high.


1/13/2020: Gold slides on risk rally

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.6% but held above $1,550 as optimism about Sino-US trade relations and de-escalating tensions in the Middle East boosted risk appetite, dulling demand for safe havens.

After 18 months of a bitter trade war, the US and China appear to be making strides toward meaningful reconciliation. The so-called phase one trade pact, under which China will buy an undisclosed amount of farm goods while the US eases tariffs, is set to be signed on Wednesday.

Adding to the good feeling, the Trump administration is reportedly planning to delist China as a currency manipulator, and both sides have agreed to meet twice annually to further reforms and ease conflicts. Meanwhile, the lack of new conflict between the US and Iran gave investors hope that serious military action may be avoided.

Treasury yields rose as investors shifted from safety to risk. The dollar held steady against major rivals.

Wall Street rose again on the prospect of better relations between the world's two largest national economies. The Dow added 0.3% while the S&P 500 and Nasdaq rose 0.6% and 1%, respectively. The S&P 500 and Nasdaq were both on track to hit new records. Strong Q4 earnings from tech giants Apple, Microsoft, Facebook and Amazon also fueled the rally.

The other precious metals were mostly lower, with silver and platinum slipping 0.6% and 0.4% while palladium added 0.3%.

At the Comex close: February gold slid $9.50 to $1,550.60; March silver dropped11 cents $18; April platinum dropped $3.90 to $982.10; and March palladium added $6.20, to at $2,079.10 an pounce, another record.


1/10/2020: Gold rallies for fifth week

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained 0.4% to close above $1,560 as weak US jobs data and renewed concerns about the Middle East eroded stocks and the dollar, boosting demand for safe havens. The metal rose 0.5% for the week, posting its fifth straight weekly win.

US nonfarm payrolls added only 145,000 workers in December, missing forecasts. Most of the gains came in the services sector while manufacturing, which has slipped into recession, lost 12,000 jobs. More disappointing, annual wage growth fell below 3% for the first time since 2018.

Middle East worries returned after the US imposed new sanctions on Iran in response to a missile attack earlier this week on US bases in Iraq. Gold briefly surged above $1,600 on Wednesday after the US killed a leading Iranian general in a drone attack on Tuesday and Iran vowed revenge, raising the specter of war in the region.

Wall Street pulled back on the renewed tensions as investors shed risk. The Dow dropped 0.5% while the S&P 500 and Nasdaq fell 0.3%.

The dollar dipped 0.1% against major rivals as the yen and Swiss franc rallied on flights to safety. US Treasury yields also fell as investors sought haven assets like government bonds and gold.

The other precious metals were higher for the day and mixed for week. Silver added 0.9% today but slipped 0.3% this week. Platinum rose 1.4% for the session but posted a weekly loss of 0.4%. Palladium picked up 0.6% today and a whopping 6% this week on global supply concerns.

At the Comex close: February gold gained $5.80 to $1,560.10; March silver climbed 17 cents to $18.11; April platinum rose $14 to $986; and March palladium added $12.50, to $2,072.90 an ounce.


1/9/2020: Gold slides on trade deal hopes

Source: Bill Musgrave, American Gold Exchange

Austin — Gold pulled back for a second session, sliding 0.4% close under $1,555, as investors focused on the pending Sino-US trade deal, boosting risk appetite and undercutting haven demand.

Beijing announced today that Vice Premier Liu He, China's chief trade agent, will visit Washington next week to sign the so-called "phase one" trade pact. While details remain a mystery, China has apparently agreed to buy more agricultural products and protect US intellectual property while the US will reduce tariffs on Chinese imports.

Wall Street rallied to record highs on hopes that the limited agreement signals the beginning of the end of the trade war between the world's largest national economies. Tariffs have cost American companies $46 billion since February 2018, according to Commerce Department data. The Dow and Nasdaq both rose 0.8% while the S&P 500 added 0.6%.

The dollar rose 0.2% against major rivals as safe-haven currencies like the yen and Swiss franc receded for a second day with the apparent de-escalation of tensions in the Middle East. A stronger dollar weighs on gold and other commodities by making them more expensive overseas.

The other precious metals were mixed, with silver falling 1.3% while platinum rose 0.9% and palladium dipped less than 0.1%.

At the Comex close: February gold slid $5.90 to $1,554.30; March silver dropped 23 cents to $17.94; April platinum gained $8.20 to $972; and March palladium dipped $1 to $2,060.40 an ounce.


1/8/2020: Gold slides as Iran fears ease

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.9% to hold above $1,560 as easing Middle East tensions and upbeat jobs data prompted traders to take profits from 10 straight days of gains. The metal remains near a seven-year high, having risen nearly 10% in the past 30 days.

Despite a missile strike by Iran against US bases in Iraq, fears of war abated today after President Trump announced that no one had been injured and Iran appeared to be "standing down." Iran's Foreign Minister said the attack was a "proportionate response" to the killing of General Qassem Suleimani, and that Iran does not "seek escalation or war."

Gold initially rocketed above $1,613 after the attack, only to recede after the conciliatory statements from both sides. US stock futures swung from a 1.7% tumble overnight to strong gains today as risk appetite returned. The Dow added 0.9% while the Nasdaq rose 1%.

The dollar picked up 0.3% against major rivals as safe-haven currencies like the yen and Swiss franc lost ground. A stronger dollar typically pressures gold and other commodities by making them more expensive overseas.

A strong employment report from ADP also spurred stocks and the dollar. Private sector employers added 202,000 jobs in December, handily beating forecasts.

The other precious metals were mostly lower, with silver and platinum falling 1.2% and 0.8%, respectively, while outlier palladium jumped another 2.3% on global supply concerns.

At the Comex close: February gold slid $14.10 to $1,560.20; March silver dropped 23 cents to $18.17; April platinum shed $7.80 to $963.80; and March palladium jumped $47.10 to $2,061.40 an ounce, another record.


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.


1/6/2020: Gold jumps on Middle East tensions

Source: Bill Musgrave, American Gold Exchange

Austin — Gold jumped 1.1% to close above $1,568, near a seven-year high, as a sharp escalation in Middle East tension propelled safe-haven demand. It was the metal's ninth straight winning session.

Outraged by the US drone attack last week that killed Iranian General Suleimani in Bagdad, the Iraqi Parliament passed a nonbinding resolution to oust American troops from bases in its country. President Trump responded by threatening " sanctions like they've never seen before ever."

With tensions in the region already at the highest since the Iraqi, the President also warned Iran that any retaliation for the Suleimani killing would result in US attacks on 52 Iranian sites, some of which are important cultural centers. Iran announced that it will no longer abide by any strictures from the 2015 nuclear pact and will accelerate its pursuit of nuclear weapons.

The dollar fell 0.2% against major rivals led by the Swiss franc, which is considered a safe-haven currency. Also pressuring the buck, the minutes from the Fed's December meeting indicated that interest rates will remain low for "a time."

Lower rates pressure the dollar by making it less attractive for Forex investors seeking yield. In turn, a lower dollar supports gold by making it less expensive overseas.

Gold has already risen 3% in the brief New Year after closing 2019 with a gain of nearly 19%, its best year since 2010.

The other precious metals were mostly higher, with silver and palladium rising 0.2% and 1.7%, respectively, while platinum fell 2.4%.

At the Comex close: February gold gained $16.40 to $1,568.80; March silver added 3 cents, to $18.18; April fell $24.10 to $966.20; and March palladium jumped $33.90 to $1,989.60 an ounce.

  

Metal Ask      Change
Gold $1,558.41           $0.00
Silver $18.09           $0.00
Platinum $1,028.36           $0.00
Palladium $2,485.71           $0.00
In US Dollars