Daily Gold Update

Source:Matt Warden, American Gold Exchange

AustinGold rose for the seventh session in a row, it's longest rally in more than a year, adding another 0.3% to close at $1,338.20, inversely matching the 0.3% fall in the dollar index. Gold was supported today by a breakdown in US tariff negotiations with Mexico and, following yesterday's dismal ADP private payroll report, concern tomorrow's Federal Nonfarm Payrolls report will come in well-below expectations of 185K jobs added, increasing prospects for a Federal Reserve interest-rate cut later this year.

Further signaling a slowdown in the US and global economy, the BEA Trade Balance report released today revealed US exports of goods and services decreased by 2.2% to 206.8 billion, while imports of goods and service also decreased by 2.2% to 257.6 billion. Earlier this week, the World Bank cut it's 2019 global growth forecast, citing a deepening slowdown in global trade in emerging and developing countries.

Across the pond, the European Central Bank left interest rates unchanged and pledged to maintain its low-rate policy through at least the first half of 2020. Following their policy announcement, the ECB also unveiled its latest economic forecast, anticipating Eurozone growth of just 1.2% in 2019, and a sluggish 1.4% and 1.6% in 2020 and 2021, respectively.

The other precious metals were also higher, with silver, platinum, and palladium adding 0.6%, 0.2%, and 1.4%, respectively.

At the Comex close: August gold gained $5.90 to $1,338.20; July silver added 9 cents to $14.91; July platinum rose $1.60 to $804.4; and September palladium gained an outsized $18.60 to $1,327.30 an ounce.