Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold was nearly flat, edging down $1.20 to close under $1,557, as strong housing data and upbeat earnings nudged stocks higher while worries ebbed about the Chinese coronovirus, limiting demand for safe havens.

US home sales surged 3.6% in December to the highest level in nearly two years as lower mortgage rates powered the crucial housing market despite low inventory.

Strong quarterly earnings reports from IBM and other tech firms kindled risk appetite, lifting the Nasdaq 0.2% to a new record. The Dow and S&P 500 rose 0.1%.

Investors shook off concerns about a possible conovirus pandemic after China has reportedly taken measure to prevent further spread. The deadly SARS-like virus has now claimed 17 lives. The dollar was flat and Treasury yields crept higher as risk appetite returned.

The other precious metals were higher, with silver adding 0.1% while platinum and palladium rose 1.4% and 4.6%, respectively.

At the Comex close: February dipped $1.20 to $1,556.70; March silver picked up 2 cents to $17.83; April platinum rose $13.80 to $1,021.30; March palladium surged $102.90 to $2,335.60 an ounce, a new record high.