Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold jumped 1.4% close above $1,304, its first finish above $1,300 since last June, as geopolitical tensions and a weaker dollar boosted demand for safe havens. The metal ended the week with a gain of 1.2%.

Turmoil in Venezuela helped to push investors towards gold after Juan Guaido, popular opposition leader, assumed presidential powers in a bid to end the dictatorship of Nicholas Maduro. In Europe, meanwhile, concerns deepen that the UK will crash out of the EU with no trade agreements in place, creating financial chaos.

Closer to home, President Trump called a temporary halt to the longest US government shutdown in history. While the move opens the door to negotiations on government funding and immigration over the next three weeks, deep divisions remain between the White House and the Democrat-controlled House.

The dollar fell 0.8% against major rivals, with traders looking ahead to next week's meeting of the Federal Reserve. While the central bank is expected to leave rates unchanged, it may also underscore its recent dovish outlook about future rate hikes, which would further weaken the buck.

The other precious metals were also higher for the day but mixed for the week. Silver rose 2.6% today for a 2% weekly gain. Platinum picked up 1.7% today and 2% this week. Palladium rose 3.1% today but lost 1.3% this week.

At the Comex close: February gold jumped $18.30 to $1,304.20; March silver climbed 40 cents to $15.70; April platinum picked up $13.30 to $818.30; and March palladium rose $39.10 to $1,319.80 an ounce.