Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold finished nearly flat, dipping a dime to close at $1,225.50 despite a slightly weaker dollar as strong earnings fueled rising risk appetite, dulling demand for safe-haven assets.

US equities were broadly higher, with the Dow rising 0.6% and the S&P 500 adding 0.3%, as a wave of positive earnings reports overcame concerns about rising trade tensions. Blue-chip tech stocks led the way, with Google's parent company, Alphabet, posting profits well above forecasts.

An upbeat PMI report also helped stocks. HIS Markit's flash reading of the services and manufacturing sectors showed the economy growing steadily in July, shrugging off pressure from higher materials costs due to tariffs.

The dollar edged down 0.1% against major rivals led buy the euro, which rose after Germany's composite PMI reached a five-month high. A weaker dollar tends to support gold and other commodities priced in it for global trade.

The other precious metals finished higher, with silver and platinum rising 0.6% while palladium added 0.7%.

At the Comex close: August gold dipped 10 cents to $1,225.50; September silver picked up 9 cents to $15.52; October platinum rose $4.60 to $835.60; and September palladium added $6, to $908.60 an ounce.