Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold fell 1.8% to close under $1,513 after optimistic comments about trade from President Trump boosted equities and undercut demand for safe havens. A rebounding dollar also pressured the metal into its biggest one-day loss in three weeks.

Walking back yesterday's hardline rhetoric on trade at the UN, Trump said a trade deal with China could happen sooner than people think. It was music to investors ears, driving Wall Street to its best day in two weeks as the Dow rose 0.7% and the Nasdaq 0.9%, retracing much of Monday's plunge.

While the launch of an impeachment inquiry by Congress had little effect on risk appetite for stocks, it helped push Forex investors toward the safety of the dollar. Combined with uncertainty over Brexit, which caused sharp pullbacks in the pound and euro, the increasing US political uncertainty drove the dollar 0.6% higher against major rivals. A stronger dollar weighs on gold and other commodities by making them more expensive overseas.

The other precious metals were also lower, with silver dropping 3% while platinum and palladium lost 2.9% and 2.1%, respectively.

At the Comex close: December gold fell $27.90 to $1,512.30; December silver dropped 56 cents to $18.07; October platinum shed $27.70 to $927.90; December palladium slid $34.60 to $1,611.80 an ounce.