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


5/21/2019: Gold slips as trade tensions ease

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slipped 0.3% to close under $1,274 after the US eased trade restrictions on a major Chinese telecom, fueling risk appetite and pressuring safe-haven assets.

After blocking Huwaei Technologies from buying US goods last week, adding fuel to the trade-war fire, the Commerce Department reversed its policy today. The tech giant will now be allowed to trade with US firms until mid-August. The change appears to be in response to concerns that US firms in the Huwaei supply chain would be damaged by the trade ban.

US technology shares rallied on the news, leading the Dow and S&P 500 higher by 0.8% while the Nasdaq rose 1%.

The dollar gained 0.1% against major rivals as rising risk appetite shifted forex traders out of safe-haven currencies like the yen. US Treasury yields also rose. A stronger dollar typically weighs on gold and other commodities by making them more expensive overseas.

The dollar's rise was capped, and gold's slide backstopped, after reports that existing-home sales fell 0.4% in April for a one-year drop of 4.4%.

The other precious metals were mostly lower, with silver and palladium dropping 0.2% and 1.4% while platinum rose 0.2%.

At the Comex close: June gold slid $4.10 to $1,273.20; July silver dropped 4 cents to $14.41; July platinum picked up $1.20 to $815.40; and June palladium lost $18.50 to $1,312.50 an ounce.


5/20/2019: Gold rises on global tensions

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.1% to close above $1,277 as renewed trade-war worries and Middle East tensions pressured stocks and the dollar, buoying alternative assets.

The trade conflict between the China and the US appeared to deepen over the weekend, with both sides retrenching after failed meetings resulted in the escalation of tariffs last week. US chip manufacturers have reportedly frozen supplies of necessary hardware and software to Chinese technology giant Huawei. China has signaled it will ban exports to the US of rare-earth metals, which are crucial to a variety of technologies including electric cars and wind turbines.

US equity indexes retreated on trade-war worries. Tech shares bore the brunt, with the tech-heavy Nasdaq losing 1.5% while the S&P 500 and Dow fell 0.7% and 0.3%, respectively. Soft US data also weighed on stocks after the Chicago Fed index of national economic activity fell into contraction in April, for the second time in three months.

Rising tensions in the Middle East also weighed on risk appetite after a rocket exploded near the US embassy in Baghdad, reported fired by Iran. President Trump tweeted in response that "the official end of Iran" will occur if that nation "wants to fight."

The dollar edged 0.1% lower against major rivals, lifting gold and other commodities by making them less expensive overseas. Yields on 2-year and 10-year Treasurys fell sharply as investors shifted toward safety.

The other precious metals were mixed, with silver and palladium rising 0.4% and 1.9%, respectively, while platinum fell 0.7%.

At the Comex close: June gold rose $1.60 to $1,277.30; July silver added 6 cents, to $14.45; July platinum slid $6.10 to $814.20; and June palladium gained $25.20 to $1,331 an ounce.


5/17/2019: Gold lower for day, week

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.8% to close at a two-week low under $1,276 after solid US economic data buoyed the dollar and reduced demand for alternative stores of value. The metal ended the week down 0.9%.

Consumer sentiment jumped to a 15-year high in May, according to the University of Michigan survey, as a strong job market and low inflation fueled confidence.

Separately, the Conference Board's survey of economic conditions rose in April for the third straight month, driven by upbeat consumer sentiment and rising stock markets. Soft manufacturing and the escalating trade war with China the primary concerns in an otherwise optimistic outlook.

The dollar rose 0.2% as the UK pound fell sharply on deepening Brexit gloom. Talks between PM Theresa May and Labor leader Jeremy Corbin to hammer out a compromise ended without an agreement. If Britain exits the EU with no trade agreement in place, the consequences are expected to be chaotic for the pound and euro.

The other precious metals were down for the day and week. Silver lost 1% for a weekly decline of 2.7%. Platinum tumbled 2.6% today and 5% this week. Palladium fell 1.4% for the session and 3.3% for the week.

At the Comex close: June gold slid $10.50 to $1,275.70; July silver dropped 15 cents to $14.39; July platinum lost $13.30 to $820.30; and June palladium fell $18.90 to $1,305.80 an ounce.


5/16/2019: Gold falls on upbeat data, earnings

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 0.9% to close just above $1,286 as upbeat US data and strong corporate earnings stimulated risk appetite, dulling demand for alternative assets.

The Philadelphia Fed manufacturing index rose to a four-month high in May after a weak reading in April. Combined with the Empire State index posting a six-month high for April, reported earlier this week, the data raise hopes that industrial production may be rebounding after a slow start to the year.

The crucial housing industry is also showing new signs of life, with construction on new houses rising nearly 6% in April. Falling mortgage rates are bringing more buyers to the market.

All three major US equity indexes rose nearly 1% as the upbeat economic reports combined with strong reported corporate earnings to draw investors back into risk assets.

The dollar rose 0.3% against major rivals, with the UK pound and euro dropping sharply because of renewed Brexit worries. British PM Theresa May puts her beleaguered Brexit plan up for yet another vote in early June, although few analysts believe it will pass. A rising dollar pressures gold and other commodities by making them more expensive in other currencies.

The other precious were also lower, with silver dropping 1.8% while platinum and palladium lost 1.7% and 0.6%, respectively.

At the Comex close: June gold fell $11.60 to $1,286.20; July silver lost 27 cents to $14.55; July platinum dropped $14.10 to $833.60; and June palladium lost $8.20 to $1,324.70 an ounce.


5/15/2019: Gold edges up on mixed signals

Source: Bill Musgrave, American Gold Exchange

Austin — Gold edged up 0.1% to close near $1,298 as mixed US economic data and renewed trade optimism boosted both risk appetite and safe-haven demand.

News that the White House plans to postpone new tariffs on cars and auto parts for up to six months helped the Dow rally 0.5%, clawing further back from its trade-war induced selloff early in the week. Reports showing homebuilder confidence hitting a seven-month high and the Empire State manufacturing index climbing to a six-month high also energized risk appetite.

At the same time, downbeat data and lingering trade-war worries continued to fuel flights to safety. National industrial production fell in April, with most market groups worsening. And retail sales fell for the second time in three months, signaling caution among consumers. The Atlanta Fed lowered its real GDP growth forecast for the second quarter from 1.6% to 1.1%.

Adding to concerns about slowing global growth, China's economy lost momentum in April. Business investment, industrial production, and retail sales all fell short of forecasts, even before the imposition of higher tariffs by the US.

Creating headwinds for gold's rise, the dollar added 0.1% against major rivals as the yuan, pound, and euro all slide. A rising dollar pressures gold and other commodities by making them more expensive overseas.

US Treasury prices continued to rise, pushing yields lower, as signs of weakness in the world's two largest economies pushed investors toward safety. 10-year Treasury yields hit a six-week low while two-year yields dropped to a 15-month low.

The other precious metals were mostly lower, with platinum losing 1.3% while palladium dipped 10 cents and silver ended flat.

At the Comex close: June gold added $1.50, to $1,297.80; July silver was flat at $14.81; July platinum lost $11.40 to $847.70; and June palladium dipped 10 cents to $1,332.90 an ounce.


5/14/2019: Gold slips on risk-asset rebound

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slipped 0.4% to close under $1,297 as risk-appetite rebounded after yesterday's selloff in stocks, dulling demand for safe havens. Profit-taking also took its toll on the metal as traders cashed in on Monday's 1.2% rally.

US equity indexes bounced partway back as bargain-hunters entered the market on residual optimism that the escalating trade war between the US and China will be short-lived. The Dow added 1%, recapturing around half of yesterday's tumble, which had been driven by China's retaliatory imposition of 25% tariffs on $60 billion in US goods.

The dollar ended a four-session skid, adding 0.2% against major rivals as the safe-haven yen receded on returning risk-appetite and the euro fell on weak German economic data. A stronger dollar can weigh on gold and other commodities by making them more expensive in other currencies.

Gold's slide was backstopped by sharply higher oil prices after reports that Yemeni rebels used drones to attack Saudi oil pipelines and pumping stations, threatening supplies from OPEC's biggest producer. Rising oil typically supports gold as a hedge against energy-related inflation.

The other precious metals were higher, with silver adding 0.2% while platinum and palladium rose 0.5$ and 1.2%, respectively.

At the Comex close: June gold slid $5.50 to $1,296.30; July silver picked up 4 cents to $14.81; July platinum added $4.20, to $859.10; and June palladium rose $16.20 to $1,333 an ounce.


5/13/2019: Gold surges on rekindled trade war

Source: Bill Musgrave, American Gold Exchange

Austin — Gold surged 1.1% to close near $1,302, the highest level in nearly a month, as China's retaliation for US tariffs hammered equities and boosted safe-haven assets.

The trade war between the US and China resumed in earnest as China announced tariffs as high as 25% on $60 billion in US goods, effective June 1. The move came in reaction to the Trump Administration's imposition on Friday of 25% tariffs on $200 billion in Chinese imports, citing a lack of progress in trade talks.

US equity markets responded with their worst day of 2019, with the Dow falling more than 700 points before bouncing back to a 540-point loss of 2%. The tech-heavy Nasdaq was hit even harder, losing 2.9%.

The yuan quickly fell to a four-year low while the dollar traded sideways, lifted by the weak yuan but pressured by rallied in safe-haven currencies like the yen and Swiss franc.

US Treasurys rallied alongside gold on flights to safety, inverting the yield-curve as 10-year yields fell below 3-month yields. An inverted yield curve often presages a recession.

The other precious metals were lower, with silver dipping 0.1% while platinum and palladium, more directly tied to industry, fell 1.2 % and 2.5%, respectively.

At the Comex close: June gold jumped $14.40 to $1,301.80; July silver dipped a cent to $14.78; July platinum fell $10.70 to $854.90; and June palladium tumbled $33.90 to $1,316.80 an ounce.


5/10/2019: Gold sees daily, weekly rise on tariffs

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.2% to close near $1,288, notching its fifth gain in six days, as the rekindling of trade-war conflict between China and the US pressured the dollar and boosted demand for alternative stores of value. The metal finished the week 0.5% higher.

US tariffs on $200 billion in Chinese imports jumped to 25% from 10% today, fueling fears that stagnant global growth may be tipped into contraction. Accusing Beijing of reneging on earlier agreements, President Trump shifted further into hardball tactics to extract concessions, threatening another $300 billion in imports with 25% levies.

US equities tumbled early in the session, only to claw back to minor gains after White House trade negotiators suggested today's talks were moving in the right direction. For the week, however, the Dow and S&P 500 are headed for losses of 2% and the tech-heavy Nasdaq is down 3%.

The dollar fell another 0.2% to a three-week low as traders shifted toward safe-haven currencies like the yen. A weaker dollar supports gold and other commodities by making them less expensive overseas.

Consumer inflation jumped 0.3%, as measured by the CPI, with the bulk of the increase coming from sharply higher gasoline and rent costs. The yearly cost of living rose to 2.1% from 2%.

The other precious metals were mostly higher for the day but lower for the week. Silver was virtually unchanged today but posted a weekly loss of 1.4%. Platinum rose 1.6% today but fell 1.1% this week. Palladium jumped 4.5% on the day but slid 1.3% on the week.

At the Comex close: June gold rose $2.60 to $1,287.80; July silver was virtually flat at $14.78; July platinum gained $14.20 to $864.70; and June palladium jumped $67.70 to $1,340.20 an ounce.


5/9/2019: Gold rises on trade war jitters

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.3% to close above $1,285 as escalating trade-war tensions between the US and China pressured stocks and the dollar, boosting appetite for safe-haven investments.

With trade negotiations breaking down, President Trump has declared his intention to raise tariffs on $200 billion Chinese imports to 25% from the current 10% as of tomorrow. Additional tariffs of 25% on another $300 billion in goods have also been threatened.

The Dow fell 0.4% and the Global Dow 1% on worries that the new levies will undermine growth and corporate profits. Moody's projects the increase to 25% in current tariffs will shave nearly 1% off US growth by Q4 of 2020. If tariffs are extended to all China imports and Beijing retaliates, real GDP would fall 2.6% and 3 million jobs would be lost by 2020, according to Moody's.

The dollar slid 0.3% against major rivals as foreign exchange traders shifted into safe-haven currencies like the yen. A falling dollar supports gold by making them less expensive overseas.

Yields on 10-year Treasurys continued to fall, causing the yield-curve to invert for the first time since March, as investors flocked into the safety of government bonds. An inverted yield curve, which occurs when the three-month yield climbs above the 10-year, often presages recession.

The other precious metals were lower, with silver sliding 0.6% while platinum and palladium lost 1.5% and 1.8%, respectively.

At the Comex close: June gained $3.80 to $1,285.20; July silver dropped 9 cents to $14.77; July platinum lost $13 to $851.40; and June palladium shed $23.40 to $1,283 an ounce.


5/8/2019: Gold slips late in session

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slipped 0.3% to close under $1,282, ending a three-day win streak as stocks and the dollar traded higher, dulling demand for alternative assets. The metal rallied above $1,292 midday before succumbing to profit-taking.

Wall Street was broadly higher for much of the session, with the Dow up more than 100 points midday, as traders shrugged off problems with trade negotiations between the US and China. All three main indexes surrendered those gains late in the day as escalating tariff-tensions became too much to ignore.

A White House document released today declared that China has backtracked on "specific commitments agreed to in earlier rounds" of talks. As a result, tariffs on $200 billion in Chinese goods will increase from 10% to 25% on Friday. China responded by saying it would retaliate with additional levies against US goods.

The dollar added 0.1% as weakness in the yuan, pound and euro were nearly offset by gains in safe-haven rivals like the yen and Swiss franc. A stronger dollar pressures 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 1% and 1.3%, respectively.

At the Comex close: June gold slipped $4.20 to $1,281.40; July silver dropped 6 cents to $14.86; July platinum lost $9 to $864.40; and June palladium fell $17 to $1,306.40 an ounce.

  

Metal Ask      Change
Gold $1,275.26           $-3.33
Silver $14.52           $-0.02
Platinum $820.30           $3.02
Palladium $1,327.76           $-9.82
In US Dollars

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