Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold edged slightly lower, dipping 40 cents to close under $1,314, as the dollar rose on news that the US has withdrawn from the multilateral nuclear agreement with Iran.

President Trump's decision to pull out of the Iran deal and impose "powerful sanctions" on Tehran helped push the dollar 0.4% higher to a new four-month high. While details on the sanctions remain obscure, traders speculate that they will help to drive up the price of oil, boost inflation, and prompt the Fed to accelerate the pace of rate hikes.

Notably, oil prices did not rise after the President's promise to impose "sanctions of the highest level" on Iran. In fact, crude slipped under $70 per barrel, losing around 1.8%. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals were also little changed lower, with silver and platinum dipping 0.1% while palladium added 0.1%.

At the Comex close: June gold edged 40 cents lower to $1,313.70; July silver dipped 3 cents to $16.47; July platinum slipped $1.20 to $912.10; June palladium picked up $1.30 to $963.40 an ounce.