Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rallied another 1.2% to close above $1,865, its highest finish since September 2011, as rising tensions with China added to ongoing coronavirus concerns to escalate safe-haven buying. Building on yesterday's 6.8% surge, silver jumped another 7.4% to close at $23.14, its highest since September 2013.

The US demanded China close its Houston consulate today while accusing Beijing of using it to steal intellectual property from US corporations. The abrupt move came one day after the Department of Justice accused to Chinese hackers of stealing research on a COVID-19 vaccine.

The dollar fell 0.2% as the growing rift between the world's two largest economies drove Forex traders shifted into haven currencies like Swiss francs. As measured by the ICE dollar index, the buck has now fallen 8% since its March highs. A weaker dollar boosts gold and other commodities by making them less expensive in other currencies.

The other precious metals were also higher, with platinum adding 4.2% and palladium rising 1.9%.

At the Comex close: August gold gained $21.20 to $1,865.10; September silver jumped $1.59 to $23.14; October platinum rose $38.50 to $957.40; and September palladium climbed $40.80 to $2,229 an ounce.