Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged up less than 0.1% to close above $1,463 after mixed data and trade worries pressured stocks and boosted interest in safe-haven assets. The metal hit an intraday high above $1,249 before receding toward the market close.

US equities fell for a second session, with the Dow losing another 1.5% before bouncing back at the close, after the arrest of a senior Chinese executive triggered renewed anxiety over trade wars. The selloff comes after all three major US indexes dumped 3% on Monday when President Trump acknowledged that no deal with China was in place and more tariffs might be forthcoming.

Under pressure from the US, Canadian authorities arrested the CFO of Chinese tech giant Huawei Technologies for violating sanctions against Iran. China responded furiously, raising concerns among investors that troubled relations between the world's two largest economies may worsen.

Mixed US data also weighed on risk appetite. US private payrolls weakened in November, according to ADP, as employers added 179,000. The US trade deficit widened to a 10-year high in October, driven by a record-high gap with China despite escalating tariffs. On the positive side, the ISM services index was stronger than expected in November.

The dollar slipped on the negative sentiment while Treasurys rallied on flights to safety.

The other precious metals were lower, with silver dropping 0.5% while platinum and palladium fell 1.6% and 3.6%, respectively.

At the Comex close: February gold gained $1 to $1,243.60; March silver slid 7 cents to $14.51; January platinum dropped $12.40 to $789.60; and March palladium tumbled $42.50 to $1,141.90 an ounce.