Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.5% to close near $1,348 as rising tensions with China and Russia spurred safe-haven demand. The metal finished the week 0.8% higher for its second straight weekly win.

The US is developing plans with France and Britain for a missile strike against Syria, ratcheting up anxiety in the Middle East. All three allies say there is sufficient evidence of a chemical weapons attack against Syrian civilians by the Assad government to warrant military intervention. Russia has threatened to protect Assad with its air defenses.

Adding to geopolitical turmoil, the Trump Administration is planning to increase its hardline approach to China by levying new tariffs and blocking Chinese tech investment in the US. Both nations are escalating protectionist policies, leading to worries about a global trade war.

US stock indexes declined on the growing tension, with the Dow dropping 0.8%, as investors shed risk. Treasury yields and the dollar were little changed.

The other precious metals were mixed for the day but higher for the week. Silver added 1.1% for a weekly gain of 1.8%. Platinum dipped 0.2% but still gained 1.7% this week. Palladium rose 2.2% today and 9.6% this week.

At the Comex close: June gold added $6, to $1,347.90; May silver rose 19 cents to $16.66; July platinum dipped $1.70 to $933.10; and June palladium jumped $21.80 to $980.95 an ounce.