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

8/17/2018: Gold firms amid renewed signs of trade talks

Source: Matt Warden, American Gold Exchange

Austin — Gold, silver and the US dollar continued to consolidate this week's big move lower. After hitting a new 2018 low yesterday, gold ended the day up 0.1% to close at $1,184.50. Silver added 8 cents to close at $14.79. The US dollar ended the week by falling 0.5%. Gold and silver prices remain closely linked to the dollar. A strong dollar pressures gold and silver by making them more expensive in other currencies.

The dollar slipped lower amid news China has agreed to a US invitation to resume trade talks later this month, as well as reports the two countries are drawing up plans to resolve their trade dispute by November ahead of meetings planned between President Trump and Chinese leader Xi Jinping. US dollar demand has been buoyed by increased uncertainty and loss of risk-appetite stemming from global trade tensions. Signs of a resumption in trade negotiations has reduced dollar demand.

The drop in the dollar was curtailed, however, by threats of additional sanctions on Turkey following Treasury Secretary Steven Mnuchin's remarks demanding the release of an American pastor. A report out of FitchRatings that questioned Turkey's response to recent lira depreciation, stating their current policy is unlikely to sustainably stabilize their currency or economy, also helped temper dollar loses. Demand for insurance against the Turkish financial crisis spreading contagion through the eurozone banking system boosts demand the dollar.

US stock indexes also rose amid reports trade-war tension between the US and China may be easing. The Dow increased by nearly 0.5% and the Nasdaq 0.2%. The S&P 500 rose by 0.4% extending its rally to within just 4 trading-days of becoming the longest rally in S&P 500 history.

Platinum and palladium extended their recovery from Wednesday's selloff with platinum up $4.20 to $788.70 and palladium up $14.20 to $889.00. Platinum and palladium have been shaken by threats of tariffs on US automobile imports. Platinum and palladium are critical components in automobile catalytic converters.

8/16/2018: Gold price stabilizes at new 2018 low

Source: Matt Warden, American Gold Exchange

Austin — After tumbling more than 1% yesterday, the gold price stabilized today at $1184.00, losing $1.00 for the day and setting a new 2018 low while silver, platinum, and palladium rebounded sharply higher.

Gold ended the day near break-even and the US Dollar index traded sideways while digesting big moves earlier in the week resulting from the aftermath of increased tariff worries and fears of contagion from the brewing financial crisis in Turkey.

The other precious metals traded higher today with silver rising 1.5% to $14.71 per ounce, platinum increasing by 1.7% to $784.50 per ounce, and palladium soaring a whopping 5% recovering most of yesterday's loss to close at $874.80 per ounce.

8/15/2018: Gold tumbles in commodities route

Source: Bill Musgrave, American Gold Exchange

Austin — Gold tumbled 1.3% to close at an 18-month low of $1,185 as Turkey's currency crisis and rising trade tensions boosted the dollar and fueled a selloff in commodities.

Responding to the Trump administration's more than doubling of tariffs on its steel and aluminum, Turkey doubled duties on US imports amounting to an estimated $1 billion per year. Separately, China filed a complaint with the World Trade Organization contesting the legality of US tariffs on solar energy manufacturers.

US stock indexes fell as trade-war tensions killed risk appetite. The Dow fell nearly 0.6%, the S&P 500 0.8%, and the Nasdaq 1.2%. The CBOE Volatility index, often called the Wall Street fear gauge, jumped to a 6-week high.

Commodities were especially hammered, with the Bloomberg Commodity Index plunging nearly 2% to a 13-month low. West Texas Intermediate crude dumped 3.3% to a 10-week low on global-growth concerns and an unexpected rise in domestic inventories. Gold often trade in sympathy with oil as a hedge against energy-related inflation.

The dollar extended its rally, adding another 0.2% to notch a three-session rise of 1.9%, as traders continue shifting away from emerging market currencies, the UK pound, and the euro. While the Turkish lira rebounded mildly for a second day, concerns remain that its fragility could spread contagion through eurozone banking system. A rising dollar pressures gold and other commodities by making them more expensive in other currencies.

The dollar was further supported by a spate of upbeat US economic data. Retail sales rose more than forecast in July, signaling solid GDP momentum in Q3. Factory output rose, with the Empire State manufacturing index jumping to a 10-month high, and US productivity picked up by the most in three years.

On the other side of the ledger, home builder sentiment dropped to an 11-month low on pessimism about the consequences of tariffs and trade conflicts on the price of key building materials.

The other precious metals also fell sharply, with silver plunging 4% while platinum and palladium lost 3.7% and 6%, respectively.

8/14/2018: Gold gains on bargain hunting

Source: Bill Musgrave, American Gold Exchange

Austin — Gold bounced 0.2% higher to close near $1,201 despite a rising dollar as bargain hunters returned to the market after yesterday's 1.6% tumble.

Turkey's currency crisis took a mild breather today, with the lira rebounding slightly against the dollar following measures by the nation's central bank to inject liquidity into Turkish markets. The lira has plunged more than 25% this month behind 15% inflation, an unmanageable foreign debt, and pressure from the US including escalating tariffs.

The dollar rose another 0.4% to a new 14-month high despite the lifted lira as traders continue to hedge against the possibility of eurozone contagion in case of Turkish default. The buck surged 1.3% yesterday on the Turkish selloff, punishing gold and other commodities priced in it for global trade by making them more expensive overseas.

Gold's gains today were capped to an upsurge in risk appetite accompanying the easing of Turkish tensions. The Dow rose nearly 0.5% while the S&P 500 added 0.7%.

The other precious also rose, with silver picking up 0.5% while platinum and palladium added 0.3% and 1%, respectively.

At the Comex close: December gold futures gained $1.80 to $1,200.70; September silver added 7 cents, to $15.05; October platinum rose $2.20 to $801.70; and September palladium rebounded $9.10 to $890 an ounce.

8/13/2018: Gold falls as dollar surges on Turkey

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 1.6% to close under $1,199, an 18-month low, as the dollar surged on concerns that Turkey's currency crisis may destabilize the eurozone banking sector.

The Turkish lira's freefall extended for a second day, dropping to an all-time low against the dollar and triggering fears of contagion throughout the eurozone. The currency fell 16% against the dollar on Friday after President Trump tweeted his intention to double aluminum and steel tariffs on Turkey.

Struggling with 15% annual inflation and hundreds of billion of dollar in foreign debt, Turkey is vulnerable to sovereign default as its currency plunges in value, making it harder to repay its debt. The European Central Bank voiced concern on Friday that financial contagion from Turkey could infect the European banking system.

The dollar surged 1.3% against major rivals, extending Friday's rally to a 14-month high, as the euro slid to a 13-month low under pressure from the lira selloff. A stronger dollar weighs on gold and other commodities priced in it for global trade by making them more expensive in other currencies.

Separately, the New York Fed reported that consumers are growing pessimistic about the near future, with 12-month expectations falling for wage growth, household spending, stock prices, and housing.

The other precious metals also fell hard, with silver and palladium losing 2% and 2.2%, respectively, while platinum tumbled 3.6% to a 10-year low.

At the Comex close: December gold fell $20.10 to $1,198.90; September silver dropped 31 cents to $14.98; October platinum plunged $30.10to $799.50; and September palladium lost $20.20 to $880.90 an ounce.

8/10/2018: Gold near-flat on Turkey fears

Source: Bill Musgrave, American Gold Exchange

Austin — Gold finished nearly flat, edging down less than 0.1% to close at $1,219, as Turkey's deepening currency crisis triggered a sell-off in global stocks, driving investors toward the dollar and safe havens. The metal ended the week down 0.3%.

Turkey's lira plunged more than 16% to historic lows as double-digit inflation and diplomatic problems with the Erdogan government caused financial markets to fear contagion. The currency has fallen 40% this year, in part because of a growing rift with the US over the detention of pastor in Turkey. Compounding its woes, President Trump said today he's doubling tariffs on Turkish steel and aluminum imports.

Global stocks sold off as investor shed risk in favor of safe-haven assets. The Dow fell 1% and the Global Dow lost 1.5%.

The dollar index jumped 0.8% to a 14-month high on fears that Turkey's financial problems may infect Europe and emerging markets. A rising dollar typically pressures gold and other commodities priced in it for global trade by making them more expensive overseas.

On the other hand, contagion fears also fueled flight to safe havens like bonds and gold. US Treasury notes and German bunds rallied, knocking yields lower. And gold received enough safe-haven support to countermand most of the pricing-pressure caused by the surging dollar.

According to the Consumer Price Index, inflation rose 0.2% in July and 2.9% over the prior 12 months. The more closely watched core rate, stripping out food and energy, also rose 0.2% for a 12-month rise of 2.4%. Most of the increase came in shelter costs.

Separately, the federal budget deficit surged 79% in July versus one year ago, as tax receipts fell 3% and government spending jumped 10%. The full-year shortfall is projected to be 19% more than last year, and trillion-dollar deficits will return in 202, according to the CBO.

The other precious metals were also lower for the day and week. Silver fell 1.1% for a weekly decline of 1%. Platinum dropped 0.5% on the day and 0.9% on the week. Palladium slid 0.3% today and 1% this week.

8/9/2018: Gold dips slightly on data, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped less than 0.1% to close under $1,220 as wholesale inflation and employment data boosted the dollar, eroding demand for alternative stores of value.

The Producer Price Index measuring wholesale inflation was flat in July, drawing the 12-month rate down to 3.3%. But the core rate, stripping out volatile food and energy costs, rose 0.3% to push the 12-month rate up to 2.8%, just under the record 2.9% notched in March.

Analysts said underlying cost pressures are stronger than the headline numbers indicated, given that the totals were pulled down by a temporary correction of 0.8% in the "trade services" component, which measures profit margins, after a series of large increases.

The cost of housing continued to surge, according to the Corelogic Index, with home prices rising 6.8% in June compared to a one year ago. Home prices are rising at twice the rate of wages despite slowly climbing mortgage rates.

Initial jobless claims fell for the first time in three weeks, signaling that the labor market remains robust.

The dollar gained 0.4% against major rivals as traders responded to the upbeat data. The UK pound continued to slide on fears that the Britain will exit the EU without trade and financial agreements in place. A stronger dollar pressures gold by making them more expensive in other currencies.

The other precious metals finished higher, with silver adding 0.2% while platinum and palladium rose 0.6% and 1.4%, respectively.

At the Comex close: December gold dipped $1.10 to $1,219.90; September silver picked up 3 cents to $15.46; October platinum added $4.60, to $834.10; and September palladium gained $12 to $898.40 an ounce.

8/8/2018: Gold rises on trade-war tensions

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose for a second session, adding 0.2% to close at $1,221, as escalating trade-war tensions between the US and China pressured the dollar and lifted demand for safe-haven assets.

Following the Trump administration's announcement earlier this week that it will slap additional tariffs of 25% on another $16 billion in Chinese imports, China retaliated in kind today, levying 25% duties on $16 billion in US goods. Both increases will become effective on August 23.

The first round of US tariffs on $34 billion in Chinese goods took effect on July 6. China's exports to the US increased by 11% in July and its trade surplus shrank only slightly, from $28.09 in July from a record $28.97 in June.

The dollar slid 0.1% against major rivals as trade concerns blunted its recent momentum. Stemming the buck's slide, the UK pound plunged to a one-year low on growing jitters about Brexit following trade minister Liam Fox's comments earlier in the week that predicting a 60% chance that no agreement will be reached with the EU before Britain departs next year.

Yields on 10-year US Treasury notes fell 0.4% as investors shifted toward safety considering the escalating trade dispute. Bond yields and prices move inversely.

The other precious metals were mixed, with silver adding 0.4% while platinum and palladium fell 0.2% and 1.8%, respectively.

At the Comex close: December gold rose $2.70 to $1,221; September silver added 6 cents, to $15.43; October platinum dipped $1.90 to $829.50; and September palladium fell $16.50 to $886.40 an ounce.

8/7/2018: Gold edges up as dollar slides

Source: Bill Musgrave, American Gold Exchange

Austin — Gold edged up 30 cents to close at $1,218 despite a rally in global equities as China's recent move to strengthen the yuan pressured the dollar, buoying demand for alternative store of value.

Unhappy with recent weakness in the yuan, China's central bank reinstated a risk reserve ratio of 20% on banks trading in foreign exchange markets for their clients. The reserve ratio had been dropped in 2015 to reduce the yuan's strength by making it easier to sell. With the currency dropping 5% against the dollar this year, China is seeking to deter yuan sales and stem its slide.

The dollar fell 0.2% against major rivals as the yuan and euro both rallied. A weaker dollar supports gold and other commodities by making them less expensive overseas.

Gold's gains were limited by a global equity rally, boosted by a rise in corporate earnings and a rebound in Chinese stocks. The Dow and Global Dow rose 0.5% and 0.8%, respectively, while the S&P 500 was up 0.3%.

The other precious metals were mostly higher, with silver and platinum adding 0.5% while palladium dipped 0.1%.

At the Comex close: December gold gained 30 cents to $1,218; September silver rose 7 cents to $15.36; October platinum rose $4.10 to $830.40 an ounce, while September palladium dipped 80 cents to $902.90 an ounce.

8/6/2018: Gold falls on rising dollar

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 0.4% to close under $1,218 as the dollar rose on Brexit concerns, eroding demand for alternative stores of value.

The UK pound plunged to an 11-month low after Britain's international trade secretary, Liam Fox, said there's a 60% chance of no deal with the EU before Britain leaves the union in March 2019. The resulting "hard Brexit" would throw trade and financial relations with Europe into disarray, further undermining the currency.

The dollar picked up 0.2% against major rivals, mainly on the weaker pound. A rising dollar pressures gold and other commodities priced in tit for global trade by making them more expensive overseas.

Gold losses were cushioned by rising oil prices after OPEC reported a reduction in output from Saudi Arabia, its biggest producer, and the Trump administration reinstated sanctions against Iran. Brent crude rose 0.8% to more than $69 per barrel. Rising oil prices typically support gold as traders seek hedges against energy-related inflation.

The other precious metals were also lower, with silver sliding 0.7% while platinum and palladium dropped 1.3% and 0.5%, respectively.

At the Comex close: December gold fell $5.50 to $1,217.70; September silver dropped shed 11 cents to $15.35; October platinum surrendered $10.60 to $826.30; and September palladium slipped $4.30 to $903.60 an ounce.


Metal Ask      Change
Gold $1,187.09           $1.77
Silver $14.85           $-0.02
Platinum $795.40           $3.04
Palladium $921.30           $3.30
In US Dollars