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


11/25/2020: Gold edges up on weaker data

Source: Bill Musgrave, American Gold Exchange

Austin — Gold edged up 0.1% to close above $1,805 as weak consumer and employment data undercut equities and lifted demand for safe-haven assets. The metal ended the holiday-shortened week with a loss of 4%.

US jobless claims rose for a second week with 778,000 workers filing for first-time benefits, suggesting that the raging pandemic is forcing additional layoffs as new restrictions on commerce and travel take effect. Another 360,000 people filed under a separate federal program for workers who do not qualify for state benefits, bringing the total above 1.1 million last week.

Notably, jobless claims never rose above 660,000 per week during the worst of the Great Recession from 2007-2009, according to Reuters. Unless Congress passes another aid package, nearly 14 million Americans will lose their benefits the day after Christmas.

Consumer sentiment fell further in the final reading for November, according to the University of Michigan survey, marking the second straight month of declines as the pandemic has ramped up. Consumer confidence looking six months out was even less optimistic, dropping to a three-month low in data released yesterday by the Conference Board.

On the plus side, orders for durable goods leapt 1.3% in October behind sharp increases in military spending. Minus orders from the Pentagon, the increase was 0.2%.

Stocks were mixed on the net-negative data, with the Dow and S&P 500 retreating 0.6% and 0.2%, respectively, from record highs. Nasdaq added 0.5% to reach a new all-time high as stay-at-home tech firms like Apple and Etsy rallied behind new pandemic restrictions.

News about promising coronavirus vaccines from Pfizer/BioNTech, Moderna, and AstraZeneca/Oxford University fueled risk appetite this week, propelling all three major US indexes to new highs despite many unanswered questions about availability and distribution. The vaccine euphoria pressured safe havens like gold, however, which tumbled yesterday to a four-month low.

The dollar slipped 0.3% against major rivals, supporting gold and other commodities priced in it for global trade by making them less expensive in other currencies.

The other precious metals were mixed for the day and week. Silver added 0.3% for a weekly loss of 4%. Platinum picked up 1.2% today and 1.8% this week. Palladium slipped 0.3% but still added 1.7% on the week.

At the Comex close: December gold added 90 cents, to $1,805.50; December silver rose 6 cents to $23.36; January platinum climbed $11.50 to $969.80; and March palladium slid $7.10 to $2,364.70 an ounce.


11/24/2020: Gold falls to 4-month low

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 1.8% to close at a four-month low under $1,805 as progress in coronavirus vaccines and President-elect Joe Biden's transition to power stoked risk appetite, dulling demand for safe havens.

The General Services Administration today formally began the hand-over process that will enable the incoming Biden administration to access the funds and information, including crucial intelligence briefings, necessary for a smooth transition.

After two weeks of limbo, the markets cheered the return to relative political certainty, with all three major indexes surging more than 1.4%. The Dow surpass 30,000 for the first time ever.

Risk sentiment continued to be fueled by yesterday's announcement of a third viable vaccine, too. AstraZeneca and Oxford University reported effectiveness of greater than 90% in their jointly developed serum, which joins candidates from Moderna and Pfizer/BioNTech to provide a promising array of potential options to combat the deadly pandemic.

The dollar fell 0.3% against major rivals as Forex traders shifted towards riskier currencies. Treasurys fell with gold as investors shifted into equities.

The other precious metals were mostly lower, with silver and palladium sliding 1.4% and less than 0.1%, respectively, while platinum rose 2.8%.

At the Comex close: December gold fell $33.20 to $1,804.60; December slid 33 cents to $23.30; January platinum rose $26.60 to $958.30; and December palladium dipped $1.60 to $2,352.20 an ounce.


11/23/2020: Gold falls on data, vaccines

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 1.8% to close under $1,838 as upbeat US data and news of another COVID-19 vaccine candidate stoked risk appetite and undercut demand for safe havens.

Drugmaker AstraZeneca and Oxford University reported a jointly-developed vaccine that was 90% effective in Phase 3 trials, lifting the number of viable candidates to three. Separately, Moderna and Pfizer/BioNtech have developed vaccines with 95% effectiveness, announced over the past two weeks.

Wall Street jumped on hopes for an end to the pandemic, with the Dow adding 1.2% while the Global Dow added 1%. Treasury yields rose as investors shifted from bonds to stocks.

Further fueling risk sentiment, the US business activity strengthened in November at the fastest pace in five years, according to PMI reports from IHS Markit, with both manufacturing and services beating forecasts.

Analysts question whether these sectors will maintain momentum in the face of the sharply spreading pandemic. But the upbeat data still diminished the outlook of a sizable stimulus package in coming weeks. Gold rallied 0.6% on Friday after the White House and both chambers of Congress signaled a renewed willingness to discuss aid.

The other precious metals were mostly lower, with silver and platinum falling 3% and 2.7%, respectively, while palladium added 1.3%.

At the Comex close: December gold dropped $36.40 to $1,837.80; December silver tumbled 73 cents to $23.63; January platinum fell $25.50 to $931.70; and December palladium picked up $30.50 to $2,353.80 an ounce.


11/20/2020: Gold rises on new stimulus hopes

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained 0.6% to close above $1,872 as the deepening pandemic damped risk appetite and new hopes for fiscal stimulus lifted demand for alternative stores of value. The metal ended the week down 0.7% for its second straight weekly loss, pressured by euphoria over strong vaccine reports from Moderana and Pfizer/BioNTech.

Treasury Secretary Steven Mnuchin said today that he will meet with Republican congressional leaders and White House chief of staff Mark Meadows to try to rekindle talks on a new aid to combat the effects of the coronavirus. The news follows signals from Charles Schumer and Mitch McConnell late yesterday that they, too, are willing to resume negotiations on the long-frozen stimulus package.

The welcome thaw comes against the backdrop of a raging epidemic that threatens to derail the economy. Without additional assistance, millions of unemployed Americans will lose subsistence benefits by the end of the year, and many state and local governments will ebb towards bankruptcy.

The dollar edged lower on the stimulus talk, supporting gold and other commodities priced in it for global trade. Additional stimulus, like deeper easing from the Fed, adds to the risk of currency debasement and long-term inflation, both of which are bearish for the dollar and bullish for gold.

Wall Street traded lower, with the Dow and S&P 500 dropping 0.7%, as optimism over promising vaccines gave way to pessimism about the near-term effects of rising covid cases and the threat of new lockdowns.

The other precious were higher for the day and mixed for the week. Silver added 1.3% for the session but still fell 1.6% this week. Platinum rose 0.6% for a weekly gain of 6.8%. Palladium rose 0.2% but still ended the week down 0.3%.

A the Comex close: December gold gained $10.90 to $1,872.40; December silver rose 32 cents to 24.36; January platinum added $5.70, to $957.20; and December palladium picked up $3.50 to $2,323.30 an ounce.


11/19/2020: Gold slides as buck rebounds

Source: Bill Musgrave, American Gold Exchange

Austin — Gold slid 0.7% to close at a one-week low under $1,862 as surging covid cases and diminished stimulus hopes lifted the dollar, undercutting demand for alternative store of value. It was the metal's third straight losing session.

The pandemic death toll passed 250,000 in the US yesterday as daily cases and hospitalizations continued to rise, prompting new restrictions in many parts of the country. New York City closed its schools again and the CDC issued a warning against traveling for the Thanksgiving holiday.

The hotly spreading virus is taking its toll on employment. First-time jobless filings though states rose last week for the first time in month, reaching more 742,000, while federal claims rose 233,000, according to the Labor Department.

Dallas Fed President Rob Kaplan warned today that the covid-hobbled economy could slide into a double-dip recession before vaccines are widely available. Several Fed officials, including Chair Jerome Powell, have recently urged Congress to provide additional fiscal stimulus to prevent deeper damage.

But many analysts see another stimulus package as increasingly unlikely in the near term. Vaccine announcements from Pfiser/BioNTech and Moderna in recent days have reduced pressure on the Senate to pass another aid package, and President Trump's focus remains elsewhere.

Ending a five-session losing streak, the dollar added 0.2% against major rivals as Forex traders grew anxious about the pandemic and discounted additional fiscal spending by the government. A rising dollar typically weighs on gold and other commodities by making them more expensive in other currencies.

The other precious metals were mostly lower, with silver and palladium dropping 1.6% and 1.5%, respectively, while platinum edged up 0.1%.

At the Comex close: December gold fell $12.40 to $1,861.50; December silver dropped 40 cents to $24.05; January platinum dipped 80 cents to $951.50; and December palladium lost $34.20 to $2,319.80 an ounce.


11/18/2020: Gold falls on vaccine news

Source: Bill Musgrave, American Gold Exchange

Austin — Gold fell 0.6% to close under $1,874 as optimism over vaccine developments outweighed worries over record-high COVID-19 infections, lifting Treasury yields and undercutting demand for alternative assets.

The vaccine developed jointly by Pfizer and BioNTech has proven 95% effective in Phase 3 clinical trials, according to final data from a key study on safety. Pfizer will seek authorization for emergency authorization within days to launch large-scale production and distribution.

The encouraging news comes one day after Moderna reported its competing vaccine achieved 94.5% effectiveness in its own Phase 3 trials.

Wall Street initially added to yesterday's record-high closes as traders focused on the prospect of economic recovery. But the initial euphoria gave way to the grim reality of the current pandemic. Surging cases and tighter restrictions across the US and Europe knocked both the Dow and S&P 500 into losses of 1.2%.

Despite risk-off sentiment late in the session, Treasury yields rose on the improving outlook for a solution to COVID. Rising yields typically weigh on gold by increasing the opportunity cost for holding the metal, which produces no yield itself.

The other precious metals were mixed, with silver dropping 0.8% while platinum and palladium rose 1.5% and 1.2%, respectively.

At the Comex close: December gold fell $11.20 to $1,873.90; December silver dropped 20 cents to $24.45; January platinum climbed $13.80 to $950.90; and December palladium added $27.50, to $2,354 an ounce.


11/17/2020: Gold dips slightly on upbeat data

Source: Bill Musgrave, American Gold Exchange

Austin — Gold dipped 0.1% to hold above $1,885 as some upbeat economic data and optimism about coronavirus vaccines neutralized safe-haven demand despite the surging pandemic. It was the metal's first down session in the past four.

Homebuilder confidence leapt in November to a new record high as rock-bottom mortgage rates and COVID worries accelerated the shift in housing demand toward suburbs and low-density areas. In addition, industrial output rose 1.1% in October, signaling continued resilience in important parts of the economy.

US retail sales grew in October, fueled by purchases of electronics, appliances, and building materials. But the 0.3% gain was less than forecast and the smallest since the recovery began in May.

Despite the generally solid data, Wall Street retreated from yesterday's record-high closing, with the Dow and S&P 500 dropping 0.5% and 0.5%, respectively. The dollar slipped 0.2% against major rivals on speculation that the resurgent pandemic will induce the Fed to augment its easy money policies in coming months.

Atlanta Fed President Raphael Bostic reinforced expectations of deeper monetary easing today, telling CNBC that the Fed's policy options "still have some juice" and the central bank is "committed to using all of our tools."

In a separate interview, Fed Chair Jerome Powell made another pitch for additional fiscal stimulus, warning that "here hasn’t been a bigger need for it in a long time."

Deeper easing and stimulus are bullish for gold because they add to the risk of currency debasement and higher long-term inflation.

The other precious metals were mixed, with silver and palladium slipping 0.6% and 0.8%, respectively, while platinum rose 1%.

At the Comex close: December gold dipped $2.70 to $1,885.10; December silver dropped 15 cents to $24.65; January platinum rose $9.60 to $937.10; and December palladium slid $18.60 to $2,326.50 an ounce.


11/16/2020: Gold rises for third session

Source: Bill Musgrave, American Gold Exchange

Austin — Gold edged up less than 0.1% to close near $1,888 despite rallying stocks as risk sentiment stemming from a new COVID vaccine candidate was offset by deepening concerns over the resurgent pandemic. It was the metal's third straight rising session.

Moderna said today that its coronavirus vaccine has been effective in 94.5% of subjects in Phase 3 trials and remains stable under refrigeration for longer than expected. The good news comes one week after Pfizer/BioNTech announced a separate vaccine candidate was more than 90% effectiveness in similar trials.

Despite the need for additional data on both vaccines, Wall Street charged higher on hopes for an eventual economic rebound. The Dow and S&P 500 rose 1% and 0.7%, respectively, on their way to new all-time highs, while the Global Dow added 1.9%.

For now, however, the pandemic is accelerating. According to the New York Times tracker, the US has averaged more than 150,000 new cases per day for the past week, up 81% from two weeks ago, and hospitalizations have reached a new record. All 50 states are recording increases in cases, with several instituting new lockdown measures in the past few days to stop the spread.

Gold came under immediate pressure following the Moderna announcement, dropping more than 1% to an intraday low of $1,861 before rallying back to small gains as investors hedged against the bleak short-term outlook.

Also supporting safe-haven demand, factory activity in the New York Fed region slowed more than forecast, according to the Empire State survey, because of COVID-related headwinds.

The other precious metals were also higher, with silver adding 0.1% while platinum and palladium rose 3.5% and 0.7%, respectively.

At the Comex close: December gold added $1.60, to $1,887.80; December silver rose 3 cents to $24.80; January platinum rose $31.50 to $927.50; and December palladium picked up $15.40 to $2,345.10 an ounce.


11/13/2020: Gold gains on COVID concerns

Source: Bill Musgrave, American Gold Exchange

Austin — Gold gained for a second session, adding another 0.7% to close above $1,886 despite record-high equities as investors were caught between optimism about a promising coronavirus vaccine and concerns about the raging pandemic. The metal ended the week down 3.4%.

The announcement on Monday that a vaccine developed jointly by Pfizer and Germany-based BioNTech achieved 90% effectiveness in Phase 3 trial caused risk appetite to surge, rallying stocks while pressuring gold to a 5% loss to start the week.

The welcome news came as the US shifts into one of its most dangerous periods of the pandemic, with daily cases rising to new records, hospitalizations overwhelming, available beds in many states, and the daily death toll climbing steadily toward 2,000.

Meanwhile, Washington remains gridlocked as President Trump contests the outcome of last week's election.

Still, risk appetite rose again today on vaccine hopes. The Dow added 1.4% after hitting a new intraday record above 29,550 while the S&P 500, also gaining 1.4%, closed above 3,585 for a new all-time high.

At the same time, appetite for safe-havens like gold and silver rebounded from its early-week hammering as investors hedged against growing fears that the resurgence of COVID-19 could lead to new lockdowns before the vaccine achieves widespread distribution.

Fed Chair Jerome Powell echoed this concern today in a webcast with global central bankers, warning that "it's just too soon to assess with any confidence" the vaccine's impact on the economy and "the next few months could be challenging."

Consumer sentiment slipped in November to a three-month low on COVID concerns while wholesale inflation rose for the sixth straight month, adding to interest in gold as an inflation hedge.

The dollar fell 0.3% against major rivals, also supporting the metal. A weaker buck typically lifts gold and other commodities by making them less expensive overseas.

The other precious metals were mixed for the day and lower for the week. Silver rose 1.9% today but still fell 3.5% this week. Platinum added 1.4% but posted a weekly loss of 0.4%. Palladium fell 0.5% today and 6.8% this week.

At the Comex close: December gold gained $12.90 to $1,886.20; December silver climbed 47 cents to $24.78; January platinum added $12, to $896; and December palladium slid $12.20 to $2,329.70 an ounce.


11/12/2020: Gold rises with pandemic spread

Source: Bill Musgrave, American Gold Exchange

Austin — Gold rose 0.6% to close above $1,873 as worries about the accelerating coronavirus pandemic drove investors to shed risk in favor of safe-haven assets.

A record-high 142,750 new cases and 1,430 deaths were reported in the US yesterday, according to the New York Times tracker, with the average daily total rising 70% from two weeks ago, to 128,000. Hospitalizations are also hitting record numbers in several states.

States including New York and California are reinstituting restrictions and Republican governors in Iowa, Utah, and Ohio have issued mask mandates.

Wall Street pulled back on growing concerned the COVID resurgence may lead new lockdowns and further undermine economic growth. Investors are also cautious about the prospective timeframe for availability of the vaccine announced by Pfizer/BioNTech.

The Dow, S&P 500, and Global Dow all fell more than 1% while the Nasdaq dropped 0.6%. Treasurys rallied alongside gold on flights to safety, driving down yields. Lower yields support gold by reducing the opportunity cost for holding the metal instead of bonds.

Consumer inflation was flat in October, held in check by the rising pandemic and slowing economic recovery.

The other precious metals were also higher, with silver picking up 0.2% while platinum and palladium added 1.8% and 1.1%, respectively.

At the Comex close: December gold gained $11.70 to 1,873.30; December silver picked up 4 cents to $24.31; January platinum climbed $15.90 to $884; and December palladium rose $25.10 to $2,341.90 an ounce.

  

Metal Ask      Change
Gold $1,784.62           Price Change Down Arrow $-10.08
Silver $22.44           Price Change Down Arrow $-0.42
Platinum $962.92           Price Change Down Arrow $-10.88
Palladium $2,426.70           Price Change Down Arrow $-39.00
In US Dollars

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