Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold dipped 0.3% to close under $1,330 as optimism about US-China trade relations fueled risk appetite, dulling demand for safe havens.

As widely expected, President Trump announced that the deadline to escalate tariffs on Chinese goods will be extended because of "substantial progress" in negotiations over the weekend. He had warned that duties on $200 billion in imports would jump to 25% from 10% in no deal was reached.

Equities rose on the upbeat news, with the Dow and Global Dow adding around 0.3%. The trade war between the world's two largest economies has been a substantial drag on global growth since last summer.

The dollar remained relatively flat, dipping less than 0.1% against major rivals after the Chicago Fed index of national economic activity fell into contraction in January and US wholesale inventories rose 1.1% in December.

The other precious were mixed, with silver sliding 0.5% while platinum and palladium, more directly tied to industry, rose 0.9% and 2.4%, respectively.

At the Comex close: April delivery gold dipped $3.30 to $1,329.50; March silver slid 8 cents to $15.83; April platinum added $7.70, to $853.60; and March palladium rose $34.30 to $1,496.50 an ounce.