Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold surged 1.1% to close above $1,603 as stocks were pressured by coronavirus fallout, stoking demand for safe-haven assets. It was the metal's highest finish since March 2013.

Apple announced that the COVID-19 epidemic will prevent the company from meeting its sales forecasts for the second quarter due to plant closures and supply-chain disruptions in China. The surprise warning spooked stock markets, pulling the Dow and Global Dow lower by 0.6% as investors shied away from risk.

Benchmark US Treasury note rallied alongside gold on flights to safety, pushing yields down to two-week lows. Government bonds in Germany, Japan, and the UK also rose.

Capping gold's gains, the dollar rose 0.4% against major rivals after weak German investors confidence hammered the euro to the lowest level in nearly three years against the buck. A stronger dollar typically weighs on gold and other commodities by making more expensive n other currencies.

Upbeat US data also supported the dollar. The Empire State manufacturing index hit a nine-month high this month, lending a glimmer of optimism to the beleaguered sector as the limited US-China trade deal removed some uncertainty. Separately US homebuilder confidence dipped but remained near an all-time high in February.

The other precious metals were also higher, with silver jumping 2.4% while platinum and palladium rose 2.6% and 7.8%, respectively.

At the Comex close: April gold gained $17.20 to $1,603.60; March silver climbed 42 cents to $18.15; April platinum picked up $25.10 to $993.90; and March palladium jumped $180.90 to $2,497.60 an ounce, a new record.