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Home > Gold > Daily Gold Update

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


7/30/2021: Gold rises for week, month

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 1% to close under $1,818 as a rebound in the dollar prompted traders to take profits despite higher inflation readings, mixed consumer data, and falling Treasury yields. The metal still finished the week 0.9% higher for a July gain of 2.6%, its third monthly rise in the past four.

The Fed's preferred measure of inflation, the Personal Consumption Expenditures index, soared another 0.5% in June. While slightly less than forecast, the jump kept the annualized inflation rate above 4%, the highest in 13 years.

In its post-meeting statement this week, the Fed acknowledged the high rate of inflation but continued to dismiss it as the temporary effect of Covid-related blockages in supply lines and pent-up demand from closures. The Fed's dovish message helped rally gold this week to a five-week high at $1,836 on Thursday.

Adding to inflationary pressure, consumer spending rose a solid 1% in June, according to government data, as Americans spent freely on travel and other services. Consumer sentiment declined in July, however, with worries about inflation casting a shadow over how the economy was viewed in the University of Michigan survey.

The dollar rebounded 0.3% on speculation that the Fed might accelerate the timeline for rate hikes because of persistent inflation and higher spending. But the buck was still down 0.8% for the week, lifting gold and other commodities priced in it for global trade by making them cheaper overseas.

Stemming gold's decline, benchmark 10-year Treasury yields pulled back again, notching the biggest one-month drop in more than a year as the aggressive spread of the delta Covid variant causes concern about the recovery. Lower Treasury yields support gold by reducing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The other precious metals were mixed on the day but lower for the month. Silver dropped 0.9% today and 2.5% this month despite a weekly rise of 1.2%. Platinum was down 1.8% today and 2.3% this month. Palladium rose 0.5% for the session but fell 4.4% for the month.

At the Comex close: December gold slipped $18.60 to $1,817.20; September silver fell 23 cents to $25.55; October platinum fell $19.20 to $1,048.40; and September palladium picked up $13.30 to $2,656.20 an ounce.


7/29/2021: Gold surges to 6-week high

Source: Bill Musgrave, American Gold Exchange

Austin — Gold surged 1.7% to close near $1,836 after a dovish Fed and disappointing economic data pressured the dollar, lifting alternative stores of value. It was the metal's highest finish since mid-June.

At the conclusion of its two-day meeting on monetary policy yesterday, the Federal Reserve signaled that while it had discussed reducing support for the economy, it decided the recovery still has "some ground to cover" before any changes to its massive stimulus program could begin.

Going into the meeting, most market participants were expecting the central bank to outline steps toward reducing quantitative easing from its present $120 billion per month, with the gradual taper likely to begin in September. The end of QE is a prerequisite for raising interest rates.

Instead, the Fed pushed the decision down the road, which means easy money policies will remain firmly in place despite a sharp rise in inflation over the past six months.

Supporting the Fed's caution, GDP for the second quarter came in below most forecasts. While the economy grew an impressive 6.5% in the spring, it fell well short of the annualized 8.5% rise anticipated by economists in a Reuters poll.

Separately, pending home sales fell 1.9% in June, suggesting that the crucial housing market is cooling after some strong quarters.

The dollar dropped 0.5% to the lowest level in a month on the dovish Fed stance and soft data. A weaker dollar supports gold and other commodities by making them cheap in other currencies, lifting demand overseas.

The other precious metals were also higher, with silver jumping 3.6% while platinum and palladium rose 0.9% and 0.8%, respectively.

At the Comex close: December gold gained $31.20 to $1,835.80; September silver jumped 91 cents to $25.78; October platinum rose $9.50 to $1,067.60; and September palladium added $20.50, to $2,643.10 an ounce.


7/28/2021: Gold jumps after Fed meeting

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped a dime to close the regular session below $1,800 as markets awaited the conclusion of the Federal Reserve's two-day meeting. The metal then jumped nearly $10 to just under $1,809 in electronic trading after the central bank confirmed that its easy money policies will remain unchanged for now.

In its post-meeting statement, the Fed said the economy has "made progress" toward its twin goals of price stability and full employment, but not enough to begin withdrawing its massive stimulus measures. The bond-buying program known as quantitative easing will continue at $120 billion per month and interest rates will remain near zero.

Fed Chair Jerome Powell, speaking to the press, admitted that the inflationary spike of recent months took the committee by surprise. But he repeated his mantra that higher prices are transitory, driven by choked supply chains, and likely to fall in the medium term.

The dollar fell 0.3% against major rivals on the Fed's dovish stand, lifting gold and other commodities priced in it for global l trade by making them less expensive in other currencies.

Benchmark 10-year Treasury yields also edged slightly lower, supporting gold by reducing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The other precious metals were also higher. Silver added 0.9% and then another 0.5% after the Fed. Platinum went climbed from gains of 0.8% to 1.5%, while palladium held its session rise of 0.6%.

At the Comex close: August gold dipped 10 cents to $1,799.70; September silver added 23 cents, to $24.88; October platinum gained $8.60 to $1,058.10; and September palladium climbed $15.90 to $2,622.60 an ounce.


7/27/2021: Gold up as buck, stocks, yields drop

Source: Bill Musgrave, American Gold Exchange

Austin — Gold inched up 60 cents to close just under $1,800 as stocks, yields, and the dollar all retreated despite a spate of solid US economic data, lifting demand for alternative assets.

Consumer confidence rose to the highest level since before the pandemic, beating expectations despite the aggressive spread of the delta variant of the coronavirus. Stimulus spending by the government, increasing vaccinations, and the near-total reopening of the economy have all stoke optimism for better times ahead.

Orders for durable goods climbed another 0.8% last month even though manufacturers struggled with shortages of supplies and workers. Omitting cars and planes, orders rose a modest 0.3%.

Factory activity in the mid-Atlantic Fed region gathered momentum in July, with the index and employment both climbing more than forecast.

Despite the robust economic reports, Wall Street fell from record highs as bloated valuations, weak earnings expectations for tech giants, and growing concern about US-China relations drove investors to take money off the table.

The Dow and S&P 500 lost 0.4% and 0.6%, respectively, while tech-heavy Nasdaq tumbled 1.4% for its worst day in two months.

Benchmark 10-year Treasury yields pulled back to 1.24% as trader shifted toward safety. Lower yields support gold by reducing the opportunity cost for holding it instead of banks as a safe-haven asset.

The dollar slid 0.3% against major rivals in anticipation of the Fed's policy statement tomorrow at the conclusion of its two-day meeting. A falling dollar tends to lift gold by making it cheaper overseas.

The buck surged to more than a three-month high in recent weeks, largely on expectations that the central banks will begin removing stimulus because of spiking inflation. The dramatic spread of the delta variant at home and abroad has shifted this calculus, to the dismay of dollar bulls, prompting analysts to expect a somewhat more dovish message tomorrow.

The other precious metals were lower, with silver falling 2.6% while platinum and palladium lost 1.9% and 2.7%, respectively.

At the Comex close: August gold added 60 cents to $1,799.80; September silver dropped 67 cents to $24.65; October platinum slid $20.50 to $1,049.50; and September palladium lost $71.40 to $2,606.70 an ounce.


7/26/2021: Gold eases ahead of Fed meeting

Source: Bill Musgrave, American Gold Exchange

Austin — Gold eased 0.1% to close under $1,800 as most markets hit pause ahead of tomorrow's start of the Fed's two-day meeting on monetary policy. It was the metal's lowest finish in three weeks.

With inflationary pressure at a 30-year high, the Fed has been expected to use this meeting to signal its intention to start tapering monetary stimulus sometime this year. But the aggressive delta variant of the coronavirus, which has exploded at home and abroad, has suddenly thrown economic growth—and the Fed's next move—into question.

Global supply chains, already struggling after last year's shutdowns, have come under renewed strain by the upsurge in pandemic infections and deaths. In addition, extreme flooding in Europe and China have further impaired the flow of goods and raw materials. And rising tensions between the US and China on issues ranging from trade to computer hacking have further clouded the economic outlook.

Wall Street reflected this uncertainty, with all three major indexes wobbling between small losses and gains, as traders balanced solid corporate earnings for Q2 against the resurgent threats to growth.

Similarly, benchmark 10-year Treasury yields slid to 1.22% after data showed US new home sales fell 6.6% in June, only to edge back up to 1.29% after stocks overcame earlier losses and risk sentiment was modestly rekindled.

Stemming gold's decline, the dollar lost 0.3% against major rivals as traders speculated that the Fed's forward guidance will continue to be solidly dovish considering the delta variant and troubled global outlook. A weaker dollar supports gold and other commodities by making them less expensive in other currencies.

The other precious metals were higher, with silver adding 0.3% while platinum and palladium rose 0.8% and 0.6%, respectively.

At the Comex close: August gold dipped $2.60 to $1,799.20; September silver picked up 9 cents to $25.32; October platinum gained $8.60 to $1,070; and September palladium rose $18.70 to $2,678.10 an ounce.


7/23/2021: Gold dips as Wall Street rallies

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.2% to close under $1,802 after sharply higher equities limited demand for safe-haven assets despite a cooling US economy. The metal ended the week down 0.7%.

Wall Street rose for the fourth straight session as upbeat corporate earnings stoked risk appetite. The S&P 500 and Nasdaq both rallied 1% to close at record highs while the Dow picked up 0.7%.

The gains came against a backdrop of lower US economic output and struggling global supply chains. IHS Markit reported its composite PMI index fell in July to a four-month low, with service-oriented businesses falling to a five-month low.

Meanwhile, the devastating Delta variant of the coronavirus is pressuring global supply chains to the point of collapse. Raging infections in Asia have forced many ports to deny access for crews of container ships. In addition, catastrophic floods in China and Germany are further disrupting the flow of goods and materials.

The dollar added 0.1% against major rivals as Forex traders shifted back toward lower-risk currencies. A rising dollar pressures gold and other commodities by making more expensive in other currencies, undercutting demand overseas.

Gold's slide was stemmed after benchmark 10-year Treasury yields retreated on the soft PMI print. Lower yields support gold by decreasing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The other precious metals were lower for the day and mixed for the week. Silver fell 0.6% for a weekly decline of 2.2%. Platinum dropped 2.7% today and 4% this week. Palladium lost 1.6% but still gained 1% for the week.

At the Comex close: August slipped $3.60 to $1,801.80; September silver fell 15 cents to $25.23; October platinum fell $29.20 to $1,061.40; and September palladium shed $42.20 to $2,662.40 an ounce.


7/22/2021: Rise slightly higher after jobs data

Source: Bill Musgrave, American Gold Exchange

Austin — Gold inched up 0.1% to close above $1,805 after soft jobs data and mixed corporate earnings undercut risk appetite, boosting demand for safe havens.

First-time jobless claims jumped to the highest level in two months last week, with nearly 420,000 more Americans filing for unemployment insurance. Although attributed in part to retooling at auto plants, the surprising increase underscored concerns about inconsistent gains in the labor market.

The Dow retreated from earlier gains to finish nearly flat as economically sensitive cyclicals like airline stocks lost ground on the lackluster data and soft Q2 earnings. Tech share got a lift from solid earnings from mega-cap leaders like Apple and Amazon, pushing the Nasdaq up 0.3% and the S&P 500 up 0.2%.

Benchmark 10-year Treasury yields rolled back to 1.28% as investors shifted back toward safety. Yields on most European sovereign debt also fell after the ECB signaled that interest rates will remain low for even longer because of the Delta Covid variant. Falling bond yield support gold by reducing the opportunity cost for holding it instead of bonds as a safe-haven asset.

Capping gold's rise, the dollar added 0.1% as the euro weakened on the dovish ECB comments. A rising dollar tends to pressure gold by making it pricier overseas.

The other precious metals were also higher, with silver adding 0.5% while platinum and palladium rose 1.4% and 1.9%, respectively.

At the Comex close: August delivery picked up $2 to $1,805.40; September silver gained 13 cents to $25.38; October platinum climbed $15.30 to $1,090.60; and September palladium rose $49.70 $2,704.60 an ounce.


7/21/2021: Gold slides as risk appetite returns

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.4% to close under $1,804 as equities and bond yields rebounded further on rising risk appetite, undercutting demand for safe-haven assets. It was the metals lowest finish on more than a week.

Wall Street rallied for a second session, with all three major indexes adding 0.8% after strong quarterly earnings reports from Blue Chips like Verizon and Coca-Cola stoked optimism about the economy despite ongoing Covid concerns.

Tracking with risk sentiment, benchmark 10-year Treasury yields rose to 1.29% as investors shifted from bonds to stocks. Yields had plunged to a five-month low of 1.15% earlier this week as the aggressive Delta variant caused US infections and deaths to increase by nearly 50% over the past week, almost entirely among the unvaccinated.

Stemming gold's slide, the dollar rolled back from three-month highs as haven currencies lost favor. A falling dollar supports gold and other commodities by making them less pricey overseas.

The other precious metals were higher, with silver and platinum adding 1% each while palladium picked up 0.6%.

At the Comex close: August slid $8 to $1,803.40; September silver rose 26 cents to $25.26; October platinum added 10.10 to $1,075.30; and September palladium climbed $14.50 to $2,654.90 an ounce.


7/20/2021: Gold firms on safe-haven demand

Source: Bill Musgrave, American Gold Exchange

Austin — Gold edged up 0.1% to close above $1,811 despite a sharp rebound in equities as renewed worries about Covid and global growth lifted demand for safe havens. The metal rallied to just under $1,826 earlier in the session before pulling back on profit-taking.

All three major US stock indexes rose sharply as bargain-hunters returned to the market after yesterday's selloff. The Dow and S&P 500 each rebounded 1.7% while the Nasdaq added 1.8%.

The aggressive Delta variant is driving Covid-19 cases and deaths much higher around the world, clouding the outlook for global economic growth. In addition, tensions between the US and China are escalating over the Chinese hack of Microsoft email server software earlier this year. And the prospects for a large US infrastructure spending bill have dimmed because of stubborn partisanship in Congress.

These factors combined to hammer stocks yesterday as traders shed risk and piled US government bonds, driving benchmark 10-year Treasury yields under 1.2%.

The pendulum swung back somewhat today, with the Dow making up much of its 2.1% tumble as traders felt the selloff was overdone despite worries about growth and the pandemic.

Yet the appetite for safety remains. The dollar added 0.1% as Forex traders shied away from riskier currencies. Treasury yields ticked up slightly but remained near five-month lows. And the gold price firmed despite higher yields and a stronger dollar, which tend to weigh on the metal by increasing the costs for holding it.

The other precious metals were mostly lower, with silver and platinum dropping 0.6% each while palladium added 1.8%.

At the Comex close: August gold picked up $2.20 to $1,811.40; July silver lost 15 cents to $25; October platinum slipped $6.20 to $1,065.20; and September palladium climbed $47.70 to $2,640.40 an ounce.


7/19/2021: Gold dips as dollar climbs on Covid

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.3% to close under $1,810 as new concerns about Covid sparked rallies in bonds and the dollar, undercutting demand for alternative stores of value.

With the aggressive Delta variant causing a surge of infections and deaths both at home and abroad, investors are increasingly worried about prospects for the global recovery. US infections are up 43% in the past week with the vasty majority occurring among the unvaccinated.

Wall Street sold off, with the Dow and Global Dow both dropping 2.5% while the S&P 500 and Nasdaq lost 2% and 1.5%, respectively. Benchmark 10-year Treasury yields plunged under 1.2%, the lowest since February, as traders piled into government bonds.

The dollar picked up 0.2% to hit a three-month high against major rivals, also on flights to safety.

While falling Treasury yields support gold by decreasing the opportunity cost for holding it instead of bonds, a rising dollar weighs on gold by making it more expensive overseas. Today, the pressure from the rising buck outweighed the support from safe-haven demand and falling yields.

Plunging oil prices also undercut gold. WTI crude tumbled nearly 8.5%, its biggest one-day drop since September, after OPEC+ agreed to boost output despite a cloudy outlook for demand because of the Delta variant. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also lower, with silver falling 2.5% while platinum and palladium lost 3.4% and 1.7%, respectively.

At the Comex close: August gold dipped $5.80 to $1,809.20; September silver shed 65 cents to $25.14; October platinum fell $37.10 to $1,071.40; and September palladium lost $44.60 to $2,592.70 an ounce.

  

Metal Ask      Change
Gold $1,818.23           Price Change Up Arrow $0.00
Silver $25.55           Price Change Up Arrow $0.00
Platinum $1,056.77           Price Change Up Arrow $0.00
Palladium $2,726.28           Price Change Up Arrow $0.00
In US Dollars