Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold slipped 0.3% to close under $1,256 as a lull in trade-war worries spurred stocks and the dollar, eroding demand for alternative assets.

US equities rallied for a fourth day, with the Dow adding 0.6% and the S&P 500 0.4%, as the absence of new trade-war threats calmed the markets and boosted risk appetite. Stock markets have been jittery since China and the Trump administration traded threats of ever-higher tariffs last week. With no new headlines, investors focused on higher earnings from blue-chips like PepsiCo.

The dollar edged 0.1% higher against major rivals, pressuring gold and other commodities priced in it for global trade. The UK pound fell again on new resignations from the May government. Conservative Party vice chairs, Maria Caulfield and Ben Bradley, called it quits in protest of PM Theresa May's plan to maintain economic ties with the EU. The departures raise further questions about the viability of the current British government.

The other precious metals were also lower, with silver dropping 0.3% while platinum and palladium lost 0.9% and 1.8%, respectively.

At the Comex close: August gold slipped $4.20 to $1,255.40; September silver dropped 5 cents to $16.09; October platinum fell $7.30 to $846.20; and September palladium lost $19.90 to $937.60 an ounce.